Chairman, Member Quit Posts on Alyn Board
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The chairman and another board member of Alyn Corp. resigned their positions with the Irvine maker of metal composite materials after only eight months on the board, the company said Wednesday.
Robert L. Burr quit as chairman and director, and David J. Edwards left his board seat. Both men, who were appointed in November, are executives at major Alyn investor Fleming Asset Management, which was part of a group that provided $7.5 million in equity financing last year.
Alyn said in a press release that Fleming “continues to be supportive of the company.” Alyn did not disclose a reason for the departures. As of June 2, Fleming beneficially owned 43.7% of Alyn, according to a federal regulatory document. Burr is a director and Edwards a vice president of Fleming.
Alyn developed Boralyn, an advanced metal alloy billed as stronger than steel and lighter than aluminum. The company’s stock gained 3 cents Wednesday to close at 38 cents a share in Nasdaq trading.
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