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Brian Lines To Retire From LOM
Hamilton, Bermuda: 5th July 2005 - LOM (Holdings) Limited (BSX: LOM.BH) announced today that Brian Lines has offered his resignation from the LOM Group. Mr. Lines will be resigning as director, President and employee of all the companies in the LOM Group effective July 1st, 2005.
Mr. Lines co-founded the company with brother and Managing Director Scott Lines, and has served as a director and President since the Group was founded in 1992.
Mr. Lines' resignation comes after an ongoing U.S. Securities and Exchange Commission investigation for two and half years, which remains unresolved. Mr. Lines advised the Board that he felt his resignation at this time was in the best interest of the company, shareholders, employees and customers, for he hopes this might improve the company's ability to resolve the matter and move forward.
It is with regret the Board has accepted Mr. Lines' resignation and they wish to publicly thank him for his contributions to the success of the company, to which he has devoted almost 14 years of his professional career. The Board wishes Mr. Lines every success in his future endeavors.
Donald Lines, the current Chairman, has assumed the role of President.