Southridge Capital Wins Sweeping Legal Victory Over Vyta Corp., Formerly Nanopierce Technologies, Inc.
Court Grants Motions for Summary Judgment Against Vyta Corp.
Court Denies Vyta Corp's CEO and Former CFO's Motion for Summary Judgment
to Dismiss Fraud and Other Counterclaims filed by Harvest Court LLC
RIDGEFIELD, Conn., Feb. 14 /PRNewswire/ -- Southridge Capital
Management, LLC ("Southridge") has won a decisive legal victory against
Vyta Corp., formerly known as Nanopierce Technologies Inc. (OTC: VYTC)
("Nanopierce"). On January 28, 2008, a U.S. District Court in New York
granted summary judgment to Southridge, certain of its former employees and
Harvest Court LLC ("Harvest Court"), a fund sub-advised by Southridge,
dismissing securities fraud and manipulation claims brought by Nanopierce.
In this same opinion, the Court also denied Nanopierce CEO Paul
Metzinger and former CFO Kristi Kampmann's motion for summary judgment on
Harvest Court's securities fraud counterclaims.
Stephen Hicks, Managing Director of Southridge Capital, stated, "The
claims brought by Nanopierce were absolutely meritless. We are pleased that
we have prevailed as we promised we would from the outset of this
litigation." Mr. Hicks added, "Harvest Court has every intention to
vigorously pursue pending state court claims against Nanopierce for breach
of contract and federal court claims against Metzinger and other former
affiliates of Nanopierce for securities fraud. When it prevails, Harvest
Court intends to collect upon its outstanding claims on behalf of its
investors."
According to Perrie M. Weiner, a partner with DLA Piper, and trial
counsel for Southridge and Harvest Court, this was a complete vindication
on the merits. This victory followed on the heels of the victory in
Internet Law Library, Inc. (OTC: ITHH), where Southridge similarly defeated
frivolous securities fraud claims brought against it and one of the funds
it sub- advises. Moreover, that fund obtained a judgment on its
counterclaims against Internet Law Library in excess of $6 million. Weiner
further stated, "We hope to soon bring an end to all of this
non-meritorious litigation against our clients. And, just as in Internet
Law Library, we will now vigorously pursue Harvest Court's counterclaims
and seek judgments against our clients' adversaries in the Nanopierce
action."
About Southridge:
Southridge Capital Management LLC invests in global Private Placement
transactions with companies from diverse industries and market
capitalizations of up to $5 billion US dollars. Since 1996, Southridge and
its affiliated Funds have provided in excess of $1.5 billion in capital to
over 250 issuers worldwide. Southridge is headquartered in Ridgefield, CT
with branch offices in New York City and Canada. Affiliated Southridge
Group companies provide investment banking, trading and brokerage services
to external clients within its merchant banking platform
(http://www.southridgellc.com).
SOURCE Southridge Capital Management, LLC
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