American Aires Inc. Files Legal Proceedings Against Former Executive

Executive Summary

• American Aires Inc. has filed a statement of claim in the Ontario Superior Court of Justice against former President & CPO Dimitry Serov and Serov Holdings Inc., alleging breach of fiduciary duties, misappropriation of assets, and unauthorized control of intellectual property.
• The company is seeking damages exceeding $3 million, disgorgement of profits, constructive trust remedies, injunctive relief over IP, assignment of patents, interest, and full indemnity costs.
• While the litigation may create transition risk to manufacturing arrangements (e.g., with UAB Technano), the board asserts no immediate operational disruption is expected and has implemented contingency plans.

Key Details

• Defendants: Dimitry Serov (former President & CPO) and Serov Holdings Inc.
• Legal Basis: Claims stem from findings of an independent Special Committee (formed August 2025) that identified fiduciary breaches, asset misappropriation, concealment of material information, and unauthorized diversion of funds/securities.
• Relief Sought:
• Damages > $3 M
• Disgorgement & accounting of profits
• Constructive trust & tracing remedies for improperly obtained funds/securities
• Injunctive relief to restrain disposition/use of certain IP
• Orders to transfer/assign specified patent rights to the Company
• Pre‑ and post‑judgment interest
• Costs on a full indemnity basis plus applicable taxes
• Background:
• Mr. Serov was suspended (Aug 2025) and resigned from the board (Sept 2025). Employment terminated “for cause” effective immediately.
• Prior to filing, the Company attempted settlement discussions without success.
• Operational Impact:
• Transition and contingency planning enacted to maintain business continuity.
• Some manufacturing/operational arrangements remain subject to transition risk; company continues to monitor relationship with UAB Technano.
• Forward‑Looking Statements: Include expectations on governance measures, recovery of asserted amounts, IP enforcement, manufacturing supply arrangements, and overall impact on shareholder value.

Notable Quotes

(No direct quotes were provided in the release.)