To All : AETI lawsuit Official update with encouraging news
AETI finally has spoken with an official update of its lawsuit with Secured comms. This news is very encouraging for AETI shareholders. Here is the news :
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Advanced Encryption Technology of Canada, Inc.
Updates Lawsuit With Secured Communications
Canada 95, Inc.
Business Wire - September 03, 1998 12:53
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Sept. 3, 1998--Ken Andruski, President of Advanced Encryption Technology of Canada, Inc. (OTC BB:AETI), announced today an update concerning the lawsuit filed against AETI and others by Secured Communications Canada 95, Inc.
"On Friday August 21, we attended a hearing in that case. The solicitors representing Secured were not present," said Mr. Andruski.
At the conclusion of that hearing the Court ordered:
1. Secured pay $25,000 into court within 30 days as security for the costs of Advanced, Andruski, Liow and Mak up to and inclusive of the examinations for discovery;
2. The action be stayed until the $25,000 has been paid into the court;
3. Advanced, Andruski, Liow and Mak are entitled to make a further motion for increased security for costs subsequent to the examinations for discovery; and
4. Advanced, Andruski, Liow and Mak are entitled to make a motion without notice to Secured to have the action dismissed if Secured fails to pay $25,000 into court as required by the order.
Advanced Encryption Technology of Canada, Inc., is a marketer of Advanced Encryption Technology Holdings' sophisticated technology and solutions for the privacy and security of data communications and computer disks, directories and files. The company markets a suite of data encryption products based on the "Access Denied" Smartcard System.
CONTACT: Advanced Encryption Technology of America, Inc.
Steve Fox, 888/292-2384
or
Advanced Encryption Technology of Canada, Inc.
Ken Andruski, President, 905/848-3666
or
Columbia Financial Group, Inc. (brokers and analysts)
888/301-6271
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