TIC Target Invest Consulting, LLC Fails to Fulfill Contractual Obligations To Constellation 3D, Inc.
Constellation 3D, Inc. Is in Discussions For Possible Strategic Acquisition
NEW YORK, April 19 /PRNewswire-FirstCall/ -- Constellation 3D, Inc. (``C3D'' or the ``Company'') (Pink Sheets: CDDD) - developer of Fluorescent Multilayer Disc (FMD) and Card (FMC) technologies, today announced that TIC Target Invest Consulting, LLC (``TIC'') of which Andre Khayyam is the sole managing member has failed to fulfill its contractual obligations to the Company, despite repeated assurance by Mr. Khayyam that it would do so. Mr. Khayyam even went so far as to provide the Company with a copy of his wire instructions, wherein a $2 million ``first tranche'' was purportedly being sent to the Company. The Company now believes that the wire instructions were a sham.
Because Mr. Khayyam has failed to furnish any money whatsoever to the Company, the Company has repeatedly requested that TIC return the shares pledged by the Company's largest shareholder (Constellation 3D Technology, Ltd.) for TIC's loan. Mr. Khayyam has yet to return the shares. The Company believes that this may be evidence of possible criminal intent by Andre Khayyam. Failing a return of the shares, the Company anticipates canceling TIC's shares.
As a direct result of TIC's failure to fulfill its contractual obligations, the Company was unable to maintain the listing requirements for the Nasdaq SmallCap Market. Additionally, as a direct result of TIC's failure to perform and in an effort to conserve remaining funds for day to day costs, the Company decided not to file its Form 10K for 2001. Accordingly, the Company does not currently qualify for listing on the OTC Bulletin Board. The Company's securities are currently traded on the ``pink sheets,'' and transactions are being reported under the symbol ``CDDD'' at Web sites such as pinksheets.com and bloomberg.com .
A Company spokesman in Russia commented, ``We are obviously very upset by Andre Khayyam's apparent dishonesty, lack of integrity and what we believe may be criminal activity. The Company intends to approach the appropriate legal authorities in the United States and Europe and local authorities in Austria, Nevis and Switzerland. In addition, we anticipate that in the very near future a civil suit will be commenced against Andre Khayyam and any co-conspirators. Mr. Khayyam's behavior has put this Company on the brink of going out of business; certainly we cannot sit idly by and allow him to get away with this. In the interim we are in the process of canceling the shares held by TIC.''
Although the Company is currently in negotiations with qualified third-parties for additional financing, no assurance can be made that an investment will be completed or that, if an investment is made, it will be on terms favorable to the Company. In addition, there can be no assurance that absent an immediate substantial cash infusion, the Company will be able to continue as an on-going concern. The Company, through one of its foreign subsidiaries, has secured what it anticipates is minimally sufficient funding for skeleton operations during the next couple of months as the Company explores a sale and/or strategic merger. The Company is currently in discussions with several potential purchasers, however there can be no assurance that a sale will be consummated or, if a sale is consummated, that the purchase price will leave sufficient funds available after the Company's creditors have been paid to provide a return to shareholders.
Andre Khayyam and Tic Target Invest Consulting, LLC
TIC is registered in St. Kitts & Nevis (Sprigate, West 2nd Floor, Government Road Charlestown, Nevis St. Kitts & Nevis) and has offices at Churer Strasse 35, CH-9470 Buchs, SG, Switzerland. TIC's phone number is 011-41-750-5353 and fax is 011-41-81-750-5359. E-Mail for TIC is tic.llc@aon.at. TIC's sole managing member is Mr. Andre Khayyam. Mr. Khayyam's address is St. Veit #1, Abtsdorf, Salzburg, Austria, phone: 011-43-6415-8776, fax: 011-43-6415-8901, mobile Austria: 011-43-664-513-2604, mobile Switzerland: 011-41-79-2332-940, E-mail: andre.khayyam@aon.at.
Constellation 3D, Inc.
The Company is the worldwide leader in the development of high capacity Fluorescent Multilayer Disc and Card (FMD/C) technology. Constellation 3D holds or has made applications for 122 worldwide patents in the field of optical data storage. Headquartered in New York City, the Company has additional offices and laboratories in Israel and Russia. More information is available at c-3d.net .
Safe Harbor Statement
Statements contained in the news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements as ``The Company now believes that the wire instructions were a sham'' and ``The Company believes that this may be evidence of possible criminal intent by Andre Khayyam. Failing a return of the shares, the Company anticipates canceling TIC's shares'' and ``The Company intends to approach the appropriate legal authorities in the United States and Europe and local authorities in Austria, Nevis and Switzerland. In addition, we anticipate that in the very near future a civil suit will be commenced against Andre Khayyam and any co-conspirators'' and ``The Company, through one of its foreign subsidiaries, has secured what it anticipates is minimally sufficient funding for skeleton operations during the next couple of months as the Company explores a sale and/or strategic merger'' are subject to general risks and uncertainties relating to financial transactions and certain ``Risk Factors'' as stated in recent SEC filings, which may cause actual results to differ materially from expected results.
For more information contact:
Investor/ Broker Inquiries:
Bradley Meyer/Harvey Goralnick
FOCUS Partners LLC
1 212 752 9445
investors@c-3d.net
SOURCE: Constellation 3D, Inc. |
