Southridge Capital Management LLC Dismissed as Defendant by Georgia Court In Suit Brought By Hyperdynamics
Investor to Pursue Counter-Claims Against Hyperdynamics For Breach of Stock
Purchase Agreement
RIDGEFIELD, Conn., April 12 /PRNewswire/ -- On April 7, 2005, Georgia
Superior Court Judge T. Jackson Bedford, Jr., dismissed Southridge Capital and
others after granting their motions to dismiss for lack of personal
jurisdiction in the case brought by Hyperdynamics, Inc. (OTC Bulletin Board:
HYPD)
Stephen Hicks, principal of Southridge stated, "We feel vindicated by the
ruling and are pleased by the Court's action. The ruling is a further
indication that Hyperdynamics' odyssey through the Georgia courts is finally
coming to close. We now intend to seek any and all appropriate relief from
HYPD and others for damages they incurred defending the dismissed claims."
Wellington LLC, the investor sub-advised by Southridge, remains in the
case as a defendant (insofar as it had stipulated to jurisdiction in Georgia)
and is a counterclaim plaintiff. Wellington intends to vigorously pursue its
counterclaims against HYPD including the enforcement of a mandatory conversion
provision whereby it would be entitled to receive approximately 3.8 million
shares of HYPD common stock or approximately 8.25% of the outstanding shares
of HYPD at a mandatory conversion price of $0.40, in addition to significant
monetary damages, including statutory interest, arising from HYPD's breach of
its agreements with Wellington.
SOURCE Southridge Capital Management LLC |
