UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
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EQUIDYNE CORPORATION
(Name of Registrant as Specified in its Charter)
MFC BANCORP LTD.
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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FOR IMMEDIATE RELEASE AUGUST 20, 2003
MFC BANCORP LTD. ANNOUNCES FAVOURABLE COURT RULING, FILING OF DEFINITIVE PROXY
STATEMENT RELATED TO EQUIDYNE CORPORATION
NEW YORK CITY (August 20, 2003) - - - MFC Bancorp Ltd. (Nasdaq: MXBIF and
Frankfurt Stock Exchange: MFC GR) today announced the Court of Chancery of the
State of Delaware has granted MFC's application and will order that Equidyne
Corporation (AMEX: IJX) ("Equidyne" or "the Company") hold a shareholder's
meeting on September 9, 2003 ("the Meeting"). MFC's court application had been
opposed by Equidyne.
MFC further announced that it has filed a definitive proxy statement with
the Securities and Exchange Commission nominating various individuals for
election to the Board of Directors of Equidyne and that it will now begin to
solicit proxies for the Meeting.
MFC believes that Equidyne's current Board of Directors has destroyed
shareholder value and has operated the Company in the interests of management as
opposed to shareholders. As such, MFC, with the support of Equidyne's largest
shareholder, is proposing to replace the current Board of Directors.
MFC also noted that according to recent filings made by Equidyne with the
SEC, the Company's three senior managers received, in aggregate, salaries and
bonuses in excess of $800,000 for the year ended July 31, 2003. The current
Board of Directors and management of the Company own, in aggregate, only 148,300
shares of Equidyne, or less than 1 % of the shares outstanding.
Michael Smith, President of MFC, remarked "We have received terrific
support from Equidyne shareholders since we filed our preliminary proxy
statement, and we are very pleased that we can now begin to solicit proxies for
the meeting in September. Recent actions and public disclosure have re-
MORE-MORE-MORE
MFC BANCORP LTD. ANNOUNCES FAVOURABLE COURT RULING
Page 2-2-2
enforced our resolve to replace the Company's Board. Equidyne only had revenues
of $14,000 in its most recently reported fiscal quarter, yet management
continues to pay themselves excessive compensation. Management has also caused
the Company to breach Delaware law by not scheduling its shareholders' meeting
on time and to breach Delaware law again by refusing to provide us with timely
access to its shareholders list. We believe that recent actions, such as hiring
new financial advisors, engaging special counsel and awarding almost 100,000
options to a new director, further erode the Company's assets and are
principally aimed at preserving management's jobs. We look forward to
establishing a reconstituted board of directors for the Company, which will work
positively towards enhancing shareholder value. In the meantime, we have
demanded that the Company take no actions outside of the ordinary course of
business until the Meeting is held."
For information on how to vote at the shareholders meeting, please call
Georgeson Shareholder Communciations, Inc. toll free at (877) 668-1646 or call
collect at (212) 440-9800. For information about MFC, please contact Rene
Randall or Roy Zanatta in North America at (604) 683 8286 or Manuel Hertweck in
Germany at + (49 30) 20 94 58 00.
About MFC Bancorp Ltd.
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MFC Bancorp Ltd. owns companies that operate in the financial services
industry, specialising in merchant banking internationally. To obtain further
information on the Company, please visit its web site at www.mfcbancorp.com
Certain statements included herein are "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. Management of MFC
cautions that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the
forward-looking statements. Important factors that could cause the actual
results of operations or financial condition of MFC to differ include, but are
not necessarily limited to, the risks and uncertainties discussed in documents
filed by MFC with the Securities and Exchange Commission.
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