Say guys check this out. Surprised I did not find it until now on Yahoo. Very interesting. It was actually filed in the Ontario Court. Hope SCI know what they are doing as AETI may counter sue.
Did not get a chance to call VSE Friday. Did anyone talk to them?
Jim
Friday May 15, 3:57 pm Eastern Time
Company Press Release
SOURCE: Advanced Encryption Technology, Inc. Of America
Advanced Encryption Technology, Inc. Of America Is Named A Defendant In A Civil Filing By Secured Communications Canada 95, Inc.
LONG BEACH, Calif., May 15 /PRNewswire/ -- Advanced Encryption Technology, Inc. of America (OTC-Bulletin Board: AETI - news; the ''Company'') has been named as a defendant in a civil proceeding filed by Secured Communications Canada 95, Inc. (''Secured Communications'') in Ontario, Canada on May 5, 1998. Although the Company has not been served with the Statement of Claim Filed in the Ontario Court, counsel for the Company has reviewed a copy of that pleading and initiated a preliminary investigation into the alleged facts.
Secured Communications alleges that the Company has marketed a suite of data encryption products based on a system in which they claim a proprietary interest.
The complaint alleges various breach of contract and fiduciary duty claims against three Canadian residents who operate Advanced Encryption Technology, Inc. of Canada. Simply stated, the allegations against the Company are that it has benefited by interfering with Secured Communications' existing economic relations.
The Company believes that the allegations presented in this complaint have no basis in fact and have been asserted by Secured Communications to deflect attention from unrelated problems that it is experiencing.
The Company plans not only to present a vigorous defense to these frivolous claims, but may seek affirmative relief from Secured Communications for any damage occasioned by the filing of this action.
SOURCE: Advanced Encryption Technology, Inc. Of America |
