TK dismisses one lawsuit
Perhaps this was posted before. I heard about this as a rumor but didn't see the PR. Looks like this is how you nail TK, deep discovery requests.
ITIS Litigation Victory in Delaware
HOUSTON--(BUSINESS WIRE)--Feb. 20, 2002--ITIS Inc. (OTCBB:ITII - news), formerly known as Internet Law Library, today announced that the judge in the litigation brought by Cootes Drive LLC in Delaware has signed an order of dismissal and ordered Cootes Drive LLC to pay attorney's fees incident to a motion to compel Cootes Drive to answer interrogatories and produce documents.
Said CEO Hunter M. A. Carr, ``In our opinion, this lawsuit was brought in Delaware against the company and certain of its directors by Cootes Drive LLC, an alleged Cayman Islands entity, to harass us and to try to break us with unnecessary attorney's fees, and we believed, and still believe, that the suit had no merit.'' Carr added that, in his opinion, ``Cootes Drive had been asked to identify individuals behind Cootes Drive LLC, which is apparently a corporation that has a corporation as its sole director, that in turn has another corporation as its director. The judge had ordered Cootes Drive to identify the human beings and comply with certain other requests or dismiss its lawsuit. Cootes Drive chose to dismiss the suit.''
Charles Peterson, general counsel for ITIS, said: ``We look forward to litigating these matters in the pending cases in the Southern District of New York against Southridge Capital Management LLC, Steve Hicks, Dan Pickett, Christy Constabile, Thomson Kernaghan & Co. Ltd., Mark Valentine, Cootes Drive LLC and any others who might be deemed responsible for the precipitate decline in the company's stock price.''
ITIS Inc. owns subsidiaries operating Internet sites that provide subscription access to databases used for legal research and tracking pending legislation, as well as processing documents for database conversion, searching and retrieval. They are: National Law Library (http://www.itislaw.com), GoverNet Affairs (http://www.govaffairs.com), Brief Reporter (http://www.briefreporter.com) and ITIS Inc./Litidex® (http://www.itisinc.com)
Except for the historical information contained in this press release, certain statements in this release are forward-looking statements within the meaning of ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of ITIS Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations.
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Contact:
ITIS Inc., Houston
Carol Wilson, 281/600-6000 Ext. 605 |
