2TheMart.com Files Action Against LanguageForce, Inc. and Gotoworld.com, Inc.
IRVINE, Calif., Dec. 6 /PRNewswire/ -- 2TheMart.com, Inc. ("2TheMart") (OTC: TMRT) announced today that it filed an action against Gotoworld.com, Inc. ("GTW"); LanguageForce, Inc. ("LF"), parent company of GTW; Ian S. Simpson; and Yuri Mordovskoi for, among other claims, wrongfully terminating its merger with 2TheMart; breach of contract; conversion and unfair business practices. 2TheMart asserts damages against the defendants for in excess of $100,000,000 for their wrongful conduct. Among the assertions in the complaint against the Defendants are the following:
1. Defendant Simpson, acting as purported Chairman and CEO of 2TheMart
following the announcement of the merger, wrongfully fired over 70 of
2TheMart's employees and discontinued 2TheMart's web site operations.
2. Defendants wrongfully converted approximately $100,000 of 2TheMart's
equipment, including computers and office furnishings when Defendants,
at the direction of Defendant Simpson, secretly in the middle of the
night and without consent removed and took the equipment from
2TheMart's offices.
3. Defendants have failed to pay for the operating overhead expenses of
2TheMart as required pursuant to the agreements with 2TheMart
resulting in damages of approximately $100,000.
While 2TheMart pursues its remedies in the action it is currently attempting to restructure its business operations in order to position itself to parlay its web infrastructure into value for its shareholders. No assurances can be made concerning the success of the action against GTW; LF; Simpson and Mordovskoi or the ability of the company to collect on any judgment it may obtain against the defendants. 2TheMart cannot make any assurances that it will be able to achieve any value from its infrastructure.
Certain information and statements included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
SOURCE 2TheMart.com, Inc.
CO: 2TheMart.com, Inc.; LanguageForce, Inc.; Gotoworld.com, Inc.
ST: California
IN: MLM
SU: LAW
12/06/2000 19:49 EST prnewswire.com
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