Border Capital Corp.
BOP ASE Add to Portfolio
October 20, 1999
Recent News Release of Border Capital Corp.
BORDER CAPITAL CORP ("BOP-Y;BDRCF-L")
- Recent News Release of Border Capital Corp.
BingoNet, Inc. ("BNI") reports the following in order to properly characterize the positions of BNI and its principal, Mr. Philip
R. Fioretti, in view of the Border Capital Corp. (Border) press release dated October 19, 1999, captioned "Border Capital
Corp. announces legal update" (ASE:BOP).
The Border press release states: "The court proceedings by the Dions... pre-empted closing of the $US6.5 million acquisition
of BingoNet". Mr. Fioretti's position is that the March 25, 1999 Purchase and Sale Agreement, as amended and extended,
called for closing on or before September 30, 1999, on a time of the essence basis, without excuse; and that Border is in
breach of that agreement.
The Border press release states: "BingoNet has also asserted that the injunctive relief sought by the Dions will cloud title to the
patent rights assigned to IBC Investments Limited ("IBC") ." BNI in fact has asserted that "IBC is in breach of Paragraph 9(c)
of the Assignment Agreement". More particularly, BNI asserted that, "...among other things, title to the aforementioned patent
rights has been clouded", by (for example) the court proceedings between Dion et al. (TSE:DIO), and Border et al. (Action
A992554), and the pending or threatened arbitration between Dion et al. and Border et al., involving the patent rights.
Additionally, BNI has asserted that "all of the patent rights assigned to IBC Investments Ltd... have reverted to BNI for
cause", with the reversion having taken place predicated on IBC's conduct in violation of Paragraph 7(b) of the Assignment
Agreement.
Although not reported in Border's press release, BNI commenced arbitration proceedings in New York by filing its demand
for arbitration with the American Arbitration Association on October 14, 1999, seeking a declaration that IBC has violated the
Assignment Agreement as well as the terms of various comfort letters; and that the patent rights have reverted to BNI.
TEL: (212) 808-7800 William Krohley, BNI |
