As Shareholders Concede Board Misconduct, Settlement Negotiations Near End in Favor of Former Founder and CEO

[Eric T. Pilgrim]

Michael Prozer - CEO of XA Interactive, Inc.

Tampa, Fl. – Shareholders of shuttered companies xchangeAGENT, Inc., and XA Worldwide, Inc., have conceded to acts of misconduct by the former board of directors against the companies’ Founder and CEO Michael Prozer. A settlement agreement in favor of Mr. Prozer is being finalized.

A majority of the shareholders of the two companies voted to negotiate a settlement agreement with former Founder and CEO Michael Prozer. 

“After a long investigation, we’ve concluded that Mr. Prozer was removed from the companies unlawfully, without merit, and through apparent acts of fraud by the board of directors and attorney Joel Wadsworth, who has been disbarred for his ethical violations. Based on newly discovered evidence and statements from a cooperating witness, there appears to have been significant foul play on the part of the board of directors, with at least two attorneys actively involved in the scheme.” stated a shareholder familiar with the matter. “With Mr. Wadsworth being disbarred, we expect the same outcome for the other attorney involved. We believe this settlement is appropriate in order to pave the way for necessary legal actions against the former board members and their conspirators, and course correct a path forward for the shareholders and Mr. Prozer.”

Due to the fraud committed by the board and their conspirators against Mr. Prozer, the companies were forced to shut down. ”The companies didn’t exist without Michael. Clients and vendors wouldn’t do business with the companies without Michael’s involvement. His influence and impact was immeasurable to the success of the companies and without him they were doomed to fail. The damage the board caused to the companies and shareholders cannot reasonably be determined.” states a shareholder.

Mr. Prozer’s spokesperson stated he was confident that the settlement negotiations would produce a positive result for both himself and the shareholders. The settlement agreement will shed tremendous light on what really happened behind the scenes. “Everything is set to blow wide open. The narrative is going to change significantly. What Mr. Prozer was forced to go through is unconscionable.” Negotiations are set to finalize in the coming weeks.

Mr. Prozer is represented by the law firm Lee & Hayes, P.C.