Pure H20 Bio-Technologies, Inc. Announces Unanimous Decision by the District Court of Appeal of the State of Florida Fourth District Confirming Its Judgment, Totaling Over $1,000,000
Business Wire "US Press Releases "
BOCA RATON, Fla.--(BUSINESS WIRE)--Sept. 12, 2006--
Pure H2O Bio-Technologies, Inc. (Pink Sheets:PHBT),announced that on September 6, 2006, it was decided unanimously bythree judges of the Fourth District Court of Appeals of the State ofFlorida, to reverse an order by the trial court, 17th JudicialCircuit, Broward County, Florida, vacating the damages judgmentawarded to PHBT in April 2003. The Appellate Court found that, "Therewas no significant evidence that would allow the trial court to vacatedamages judgment." Under this theory of law, the appellate judgesreversed the order.
PHBT was awarded the sum of $896,619.50 plus 6% interest annuallyuntil fully paid from the 17th Judicial Circuit, Broward County,Florida. The award reflected an unanimous jury verdict against JosephA. Mazziotti and Louis Mazziotti of Louisville, Kentucky, for Fraud,Breach of Contract and Money lent and triple damages for Civil Theftunder Florida Statute 772.11. The jury decided unanimously to awarddamages on the basis that Joseph A. Mazziotti and Louis Mazziottimisappropriated corporate funds, which were intended for the purchaseof equipment, and found that these funds were used for their ownpersonal use; which was determined to be embezzlement. PHBT'scomplaint further alleged false statements, misrepresentations andomissions of material fact, which resulted in the issuance of sharesof stock, providing the Mazziottis with monies for fraudulent expensereimbursements and fictitious research and development. To date,accumulated interest, at the legal rate, has the judgment worth over$1,075,943. The Company's counsel intends to aggressively pursuecollection of this judgment which is partially secured by real estatein Kentucky.
PHBT's CEO, Joseph P. Doxey, stated, "Now that the Appeal Courthas spoken, it has cut off any further efforts for the defendants toescape from under this judgment."
About PHBT: PHBT is a publicly held company specializing in theresearch, development and commercialization of its unique residentialand commercial water disinfection systems. The Company intends tocommence the manufacture and distribution of its products through anetwork of Independent distributors. The public is becomingincreasingly aware of the threat of terrorists who may try tointroduce waterborne contaminates into the nation's water supplies.PHBT is positioned to produce and market its disinfection systems onthe homeland security front fulfilling an urgent public need.
The foregoing press release contains forward-looking statementsthat can be identified by such terminology as "expects,""potential,""suggests," "may," "intends," or similar expressions. Suchforward-looking statements involve known risks, uncertainties, andother factors that may cause the actual results to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such statements. In particular, managementexpectations regarding future research, development, and or commercialresults could be affected by, among other things, uncertaintiesrelating to the availability of future financing; unexpectedregulatory delays or government regulation generally; the company'sability to obtain or maintain patent and other proprietaryintellectual property protection; and competition in general.Forward-looking statements speak only as to the date they are made.The Company does not undertake to update forward-looking statements toreflect circumstances or events that occur after the date theforward-looking statements are made.
Source: Pure H20 Bio-Technologies, Inc. |
