A lawsuit here, a lawsuit there ... yah ta hey ...
Friday February 5, 8:00 am Eastern Time
Company Press Release
Year 2000 Wire/ConSyGen Inc. Debenture Holders Add To Lawsuit
PHOENIX--(BUSINESS WIRE)--Feb. 5, 1999--ConSyGen Inc. (NASDAQ:CSGI - news) announced that on Feb. 1, 1999, Stephen M. Hicks, general partner of Sovereign Account and two of the three holders of the company's outstanding Convertible Debentures, Sovereign Partners Limited Partnership, a Delaware limited partnership and Dominion Capital Fund Ltd., a Bahamian Corp. served an action which was filed in the United States District Court for the Southern District of New York against the company and Thomas S. Dreaper, its president and chief executive officer, to recover damages for alleged intentional and calculated defamation.
Other parties, unrelated to ConSyGen, were also named as defendants in the lawsuit on similar allegations.
The Plaintiffs seek compensation from ConSyGen and Dreaper each in the amount of $1,000,000 or in such sum as the Court shall determine, together with exemplary or punitive damages.
On Feb. 4, 1999, Thomson Kernaghan & Co. Limited and Mark E. Valentine served an action which was filed in the Ontario Court (General Division) against the company, Thomas S. Dreaper, its president and chief executive officer, and Raj Kapur its chief financial officer to recover damages for alleged defamation.
The Plaintiffs seek compensation from ConSyGen, Dreaper and Kapur jointly and severally in the amount of $2,000,000 for general damages for libel and slander, $1,000,000 for punitive, aggravated and exemplary damages, cost of the action, applicable taxes and other relief as the Court shall determine.
The company believes that these claims are without merit and will vigorously defend the lawsuits.
For more information, please contact Raj Kapur of ConSyGen Inc., Phoenix, 602/394-9100, ext. 109; consygen.com.
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