Re: 8/4/00 - STGI Wins Restraining Order Against Former Chairman
STGI Wins Restraining Order Against Former Chairman
LAS VEGAS, Aug 4, 2000 (BW HealthWire) -- Steroidogenesis Inhibitors International, Inc. (OTCBB: STGI-news chart, msgs) is pleased to announce that the former Chairman who attempted to get and had a hearing in an order to show cause regarding a preliminary injunction against the Board of Directors of STGI, after filing for a Temporary Restraining Order lost since both actions were denied and dismissed.
Instead, the Board of Directors won a request for a Temporary Restraining Order, on Alfred T. Sapse, which was placed July 7, 2000.
The courts decision was based on the fact that Sapse resigned from STGI but continued to act as an STGI representative and to seek control of STGI property, which the court felt were rogue acts and would cause STGI irreparable harm.
The District court scheduled a hearing August 1, 2000 for a Permanent Injunction on Sapse, resulting in a stay and the Court deciding to extend the Temporary Restraining Order until Aug. 30, 2000 when the Court set the hearing for a Permanent Injunction against Sapse.
Alfred T. Sapse, who resigned from STGI on June 16, 2000, derivatively on behalf of Steroidogenesis International, Inc., filed suit against the Officers and the entire Board of Directors. The Company believes that the suit is without merit and designed only to disrupt the Company. STGI has retained Salvatore Gugino of the law firm Gugino and Schwartz to aggressively defend the Company.
In the preparation of building the defense it was discovered that this was not the first time Sapse had acted in this manner. A number of legal actions have been discovered. California Case No. WEC 69444, Case No. C403118, Case No. WEC 62975, Case No. WEC142178, Case No. 691239, The People, v. Alfred Sapse, Cr.A. 17253, Breach of contract Case No. 98K15199 Judgments, TAX LEINS, Case No. 52250=20 (80 Cal. APP.3d823; 1978, Minasian v. Sapse, excerpt ("Sapse wife, who had recently undergone surgery, was agitated and emotionally shocked so as to cause her to be in a severe state of hypertension as a direct result of which she died. Sapse claimed damages for wrongful death. Minasian showed that his wife (Sapse's wife) had not died.") Florida Case No. 91 1678 CC 05, Bankruptcy No. 83-00531-BKC-SMW (Immugen, Inc. v. Alfred T. Sapse, Injunctive Relief against Sapse is granted).
Afterwards, in the Company's negotiations for funding, and a significant joint venture, Management found that the resignation of Sapse has been a Godsend. Funding sources were reluctant to put money in the Company with Sapse anywhere near the helm.
Even a major University that the company is currently in discussions with regarding a joint venture is reluctant about Sapse. After some puzzlement, it also became clear, that some of the Company's past opportunities were lost when the sources did their due diligence on Sapse, STGI now assumes based on the above cases.
Sapse' departure has absolutely no impact on the current Clinical Trial at the Aids Research Alliance (ARA). The ARA wrote the protocol for the trial and this trial should be completed in Feb. 2001 and submitted to the FDA prior to June. STGI will know more about the FDA requirements for Anticort(TM) probably in late 2001.
The Company has retained a Consulting Company to continue and protect STGI's interests in Romania. STGI has been informed that it should be able to continue it's Romanian pursuits without a hitch. With the new Consulting Group, the Company believes it is in a much better position to oversee our Romanian projects. The Company was informed it had to do another test for the children in Romania before Sapse resigned, and it had absolutely nothing to do with the resignation of Sapse.
Management believes that Sapse has agents he is instructing to say malicious and damaging statements about Officers of the Company in the Internet chat rooms. The Company has decided to focus all of its energy in building shareholder value in lieu of reacting to anonymous allegations. But the Company is contemplating suing for Defamation.
The Company has been fully reporting and plans to remain current with filings and auditors reports that should dispel any doubts created by Sapse. If Sapse or his cohorts are selling into the stock, there is little that the Company can do but eventually it is believed they will run out and the price will be reflective of what the Company commands.
STGI has unwavering confidence in the current unified Management team and Board of Directors; the Company should be able to create a pharmaceutical Company that no ONE can ignore. That is our plan for our shareholders.
STGI is a pharmaceutical company with its core technology being ANTICORT(TM), which is currently in FDA Phase 1B/2A clinical trials as an anticortisol drug for the treatment of HIV positives.
This Release Contains Statements About the Future That Could Differ From Actual Results. the Statements are Subject to Risk and Uncertainties, Including, But Not Limited To, the Impact of Competition, Fluctuations in Stock Price and Liquidity, Fluctuating Operating Results and Other Risks.
--------------------------------------------------------------------------------
Contact:
Barry Feldman, 888/301-6271
or
Performance Strategies, Inc.
Richard L. Brown or Chuck Jordan, 303/948-3601
siliconinvestor.com |
