Thursday September 25 8:08 AM EDT
Company Press Release
Olympus Ventures Inc. Files Suit for Defamation and Unfair Business Practices
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 25, 1997--Olympus Ventures Inc. (OTC-BB:OVIS) today announced that on Sept. 24, 1997 Olympus Ventures Inc. filed suit in the United States District Court for the Southern District of Florida for defamation, unfair business practices and conspiracy against Dempsey Mork, John Hand and the law firm of Hand and Hand.
Olympus alleges that false and defamatory statements were published through a national wire service, and posted on the Internet for the improper purpose of influencing the price of Olympus Ventures Inc. common stock.
The company further alleges that Dempsey Mork has established a short position in Olympus stock, and is seeking to disrupt the company to cause the stock price to decline in order to cover his short position.
The company also alleges that in furtherance of Mork's effort to disrupt the company, he, thru an entity named Magellan Litigation Services Inc. has purportedly filed a lawsuit against Olympus and its officers. While Olympus has not been served with the complaint, based on the company's review of the press release issued by Magellan, the company believes the allegations against Olympus and its officers are entirely without merit.
Gary Morgan, CEO of Olympus states that: ``The company alleges that the false and defamatory actions were an attempt to manipulate Olympus' stock price and damage the company's credibility and growth in the marketplace. By filing this action we are protecting the integrity of Olympus Ventures Inc. common stock and standing firm against any and all efforts to manipulate the marketplace.''
Olympus has retained, Thomas L. Abrams, of Shapiro & Abrams in Ft. Lauderdale and Karen Y. Bitar, securities litigator with the international law firm of Paul, Hastings, Janofsky & Walker LLP in connection with the action. Abrams states that this action is similar to an action which has recently been filed in the United States District Court in New Hampshire by Presstek, Inc. (PRST), trading on the Nasdaq securities exchange.
Olympus Ventures Inc. is currently engaged in the garment industry. Olympus is focusing its direction on manufacturing, distribution and retailing physical fitness products in the marketplace, which the company believes is one of the fastest growing commercial markets today.
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Contact:
Olympus Ventures Inc.
Roland Breton, 954/565-9292
Email: ovisusa@aol.com
Web Page: olympusventures.com |
