Signal Apparel Company, Inc has announced the resignation of its president and executive vice president, Zvi Ben-Haim and Michael Harary. Mr Ben-Haim and Mr Harary have both claimed certain rights and remedies under their respective Employment Agreements based on an alleged "financing default" under the Asset Purchase Agreement pursuant to which the company acquired the business and assets of Tahiti Apparel, Inc from Messrs. Ben-Haim and Harary and one other shareholder in March 1999; and an alleged constructive termination by the company. Mr Harary has also resigned as a director of the company. The company also announced that Donald R. Rose has been elected to its board of directors.
USA: Signal's President And VP Resign
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