Tom & anybody else,
I got this from the stockman newsletter,by the way i also had shares in adp.
For more information contact:
Edward A. Stoltenberg, C. F. O. of Quadrax at (401) 683-6600
Hal Levine/Marty Cohen of The Levine Group, at (212) 682-8875
FOR IMMEDIATE RELEASE
Advanced Pultrusion Technologies Ltd./Power Stick
Manufacturing Legal Action To Protect Assets
VANCOUVER, Jan. 17 /PRNewswire/ -- Advanced Pultrusion Technologies Ltd.
Management
announces that ADVANCED PULTRUSION TECHNOLOGIES and its subsidiary POWER
STICK MANUFACTURING INC. have jointly filed an 8 count lawsuit against QUADRAX
CORPORATION (Nasdaq: QDRX) of Portsmouth, RI. The Companies are seeking
injunctive
relief allowing them to seize a patented pultrusion machine and other
related equipment built under contract for Power Stick and patented by Power
Stick.
Power Stick is also alleging and therefore, seeking judgment against Quadrax
on seven other counts including Patent Infringement, Violation of the Lanham
Trade-Mark Act, Misappropriation of Trade Secrets, Unfair Competition,
Conversion of Goods, Negligence and Prima Facie Tort. The Company is also
claiming Civil Liability for Offenses and is seeking compensatory damages on
six counts and exemplary damages on five counts as well as treble damages on
the count of patent infringement.
Quadrax issued a news release on June 20, 1996 announcing that it had
purchased 80% of the assets of VEGA, USA. Pursuant to this transaction,
Quadrax allegedly assumed possession and control of the pultrusion machine
owned and patented by Power Stick without the knowledge or consent of Power
Stick. Furthermore, Quadrax has manufactured pultruded hockey sticks on
Power Stick's pultrusion machine without the consent of Power Stick despite
requests to cease and desist from Power Stick's attorneys.
ADP/Power Stick are alleging that, despite demand, Quadrax has knowingly
failed and refused to return the Power Stick pultrusion machine, its product
hockey sticks and all proprietary trade secrets and information to the
rightful owner, Power Stick. Quadrax has also failed and refused to make
accounting for all products manufactured and processes utilized relative to
the patented Power Stick pultrusion technology.
Power Stick's attempts to negotiate a mutually agreeable resolution short of
litigation have failed.
It is Power Stick's intention to move its pultrusion machine to an
appropriate site and resume its manufacturing operation.
ON BEHALF OF THE BOARD OF DIRECTORS
Robert Tyson
Director |
