Border Capital Corp. - court hearing date set
VANCOUVER, Oct. 1 /CNW/ - Border Capital Corp.
ASE:BOP
Border Capital Corp. (ASE:BOP) (``Border') reports that the application
for an injunction against Border and its related parties by Louis Dion, Leo
Dion and other related parties was ordered to be adjourned for hearing on
October 15th, 1999. The court further ordered that the applicants post an
undertaking to pay any damages that may be caused to Border and its related
parties by the interim injunction granted today, which will expire on October
15th, 1999. Following this court order, counsel for Mr. Philip Fioretti has
placed Border on notice that his client is considering enforcement of the
contract executed between Mr. Fioretti and Border Capital (Nevada) Corp. with
respect to the acquisition of BingoNet, Inc.
Earlier today Mr. Leo Dion made a point of announcing that he and the
other claimants are seeking to restrain Border from dealing unilaterally with
the BingoNet patents, which are owned by IBC Investments Limited (``IBC').
IBC is the joint venture partner of Border in North America. IBC is also the
trustee of a trust fund of any residual income earned by IBC from the BingoNet
patents. The trust fund has six beneficiaries, four interests are held for
Border and two interests are held for Mr. Leo Dion and Mr. Louis Dion
personally. Dion Entertainment Corp. (TSE:DIO) has no beneficial interest in
the BingoNet patents or the trust fund. In addition, Mr. Leo Dion executed a
Release Contract on behalf of Dion Entertainment Corp. dated the 22nd day of
April 1997, releasing to IBC and Border's predecessor all rights to the
BingoNet patents and all rights to ``any non-patented technology or know how
to produce games of whatever nature, including, without limitation, bingo
lotteries, bingo like games, pattern recognition games, and games of chance,
television game shows.'
The North American joint venture management committee referred to in Mr.
Dion's announcement was abolished by the two joint venture parties, as
disclosed in Border's July 30th, 1999 Filing Statement, in response to the
apparent conflicts of interest of Mr. Leo Dion, president of Dion
Entertainment Corp., and his successor on the management committee, Mr. Louis
Dion. Both were expected to act in accordance with the terms of their
appointments ``to represent the best interest of IBC.' The dispute arose
following the apparent business plans and announcements of Dion Entertainment
Corp. with respect to its pursuit of interactive TV bingo game shows, despite
the obligations of Mr. Louis Dion and BC based MCG Millennium Capital Group
Ltd., members of the Dion Group taking action against Border, to present all
gaming opportunities and TV bingo game show business to the patent joint
venture between Border and IBC.
Border Capital Corp. is an interactive gaming systems company, with
unique technology, protected by U.S. and International patents and patents
pending. Border is also a joint venture partner in a licensed gaming facility
located in Fredericton, New Brunswick.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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For further information: Mr. Michael Holley, Director, (604) 730-6910 |
