Well we have more news. Hope this is better. LOL
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/ [STK] LGOV [IN] OIL UTI CHM FIN OTC [SU] JVN LAW OTC TO BUSINESS AND ENERGY EDITORS:
Pacific Rim: Default Judgment for Vietnam Trading Company
NEWPORT BEACH, Calif., Feb. 4 /PRNewswire-FirstCall/ -- Largo Vista Group Ltd. (BB:LGOV) announced today they received a default judgment against United Arab Petroleum Group (UAPC) for $171,100.
UAPC and Largo Vista had entered into a joint venture whereby Largo had secured Vietnamese customers and UAPC was to supply petrochemicals at competitive pricing with banking instruments out of the Middle East. UAPC did not supply the competitive pricing as per the joint venture and Largo Vista was forced to utilize other sources. UAPC sued Largo Vista and Largo Vista counterclaimed and was granted a default judgment when UAPC failed to continue to litigate the matter.
"We felt UAPC had breached the agreement," stated Daniel Mendez, Largo Vista's CEO. "We had no choice but to move forward. Shortly after our 30,000 metric ton of gas oil shipment to Vietnam we were sued. During this period our stock reached a new high of $3.90. Management continued to move forward at a slower pace during the two year non-compete period, just in case the courts ruled to split profits and losses with UAPC. We have successfully kept our Vietnamese customers secure and we are now moving aggressively forward and presently making arrangements to meet with all top key management in Vietnam."
The company distributes liquid petroleum gas (LPG) in Southern China. Under a lease option agreement with a subsidiary of Petro China, the Company operates LPG retail sales, storage operations, import/export and the wholesale of petrochemicals in China. The Company recently announced after operating this subsidiary of Petro China for the last 12 months, to purchase the LPG depot and the bottle testing business located in the Guizhou Province population estimated at thirty million.
Additional information can be obtained on the Company's website at www.largovista.com . Note: Certain statements in this news release may contain "forward looking information" within the meaning of rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.
For more information contact investor relations 949-252-2180. |
