ACII - AmeriChip International, Inc Message Board

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Technology Stocks : ACII - AmeriChip International, Inc

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From: rhoshariasha	5/9/2008 2:40:05 PM
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Form 8-K for AMERICHIP INTERNATIONAL INC -------------------------------------------------------------------------------- 9-May-2008 Other Events Item 8.01. Other Events. Cornell Capital filed an action against the Company in the Superior Court of New Jersey, Hudson County, Chancery Division, General Equity Part. In response to this filing, the Company (a) removed the action to the United States District Court, District of New Jersey; (b) answered the complaint denying its material allegations of liability and (c) interposed a counterclaim for damages against Cornell. The action was later remanded to the Superior Court of New Jersey. The Company and Cornell settled the action pursuant to a confidential agreement, without either party admitting liability or wrongdoing. Under the terms of the agreement: (i) the Company will pay Cornell the sum of $30,000; (ii) Cornell will retain any shares of Company common stock currently in its possession; and (iii) the Company will issue a Convertible Debenture in the aggregate amount of $130,000.

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