The board of Directors of Clone Algo Inc. have fired CEO Nitin Damodaran and CFO Alvin
The CEO Nitin Damodaran and CFO Alvin Gerald Yap have been fired based on an internal investigation by the Board of the company for spending irregularities, non-compliance to laws and participating and conspiring in Illegal criminal activities.
By: Clone Algo Inc
About Clone Algo Inc.
Clone Algo is a technology and innovation driven company which researches timing sciences, develops algorithms and risk management systems based on artificial intelligence, as well as industry specific eco-systems for the second generation of Social Media. The Company operates solely on a Transaction Based Revenue Model, compared to the traditional Advertising Based Revenue Model, by fulfilling human and/or industry needs in five specific areas:
1. Attaining financial independence with easy-to-use, low-risk family of Clone Algo Apps
2. Ensuring sustainable, progressive and positive growth for financial service industry by creating lifelong clients via insurance on algorithms in trading accounts
3. Educating consumers on these ecosystems via the company media channels such as Algo TV, Algo Magazines and Algo Newsletter.
For more information, please visit the company's website: http://www.clonealgo.us/
This press release contains "forward-looking statements" within the meaning of applicable U.S.A securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of Clone Algo's operating environment.
These forward-looking statements may include statements with respect to the future financial or operating performance of the Company and its subsidiaries, the perceived merit of its Intellectual Properties, capital expenditures, operating costs, cash flow estimates, and similar statements relating to the economic viability of the Company. Forward-looking statements are based upon certain assumptions and other important factors regarding present and future business strategies and the environment in which the Company will operate in the future, which could prove to be significantly incorrect.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates"
Forward-looking information contained herein is made as of the date of this press release. There can be no assurance that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. Accordingly, for the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Clone Algo Inc.
Investor Relations Department