SAN FRANCISCO, July 21, 2014 /PRNewswire/ -- The statement released today reflects an agreement between RadiumOne and Gurbaksh Chahal to bring an end to all disputes they have had. It is in everyone's best interests to move on from this difficult period of time to focus on building their respective businesses and prioritizing the needs of employees and customers.
From its inception in 2009, RadiumOne grew tremendously, and quickly became profitable and valuable, under the leadership of its founder and last CEO, Gurbaksh Chahal. The business priority last year was to continue to build a great company and prepare it for a potential IPO. When allegations were brought against Gurbaksh in August 2013, the Board maintained full support of an expedited closure of the legal process. RadiumOne board members along with many others supported Gurbaksh's decision to accept a misdemeanor plea instead of continuing the long court process for full acquittal for the sake of the company, its employees, and its customers.
The Board had always intended Gurbaksh to lead the company, and recognizes the enormous contributions he has made to RadiumOne. The Board knows that many people, including Gurbaksh and his family, have suffered tremendously. The Board did not intend to hurt Gurbaksh or his family by its decision, and recognizes that Gurbaksh's termination made an already difficult situation for Gurbaksh and his family worse.
Gurbaksh accepts the Board's statement. To the Board and the hardworking, dedicated employees that have helped RadiumOne become the force that it is today, Gurbaksh extends his best.
Both the Board and Gurbaksh are thankful to have had this opportunity to resolve their disputes. Gurbaksh wishes the company the continued success that he knows is possible, and RadiumOne wishes Gurbaksh success in his pursuit of new opportunities.
SOURCE Gurbaksh Chahal