To: Goinlong who wrote (1826 ) 11/21/1998 7:35:00 AM From: Thefly Read Replies (1) | Respond to of 3171
Garry: While reviewing the Financial Statements of Pacel, I noticed that they are in Litigation against another firm. This would be a good topic to discuss with Caulkins, because it goes right to the heart of PLRP long-term health & success. I don't know if you have seen this so I will include all the info from the Financials. "The Company, as Plaintiff, has commenced litigation in the Circuit Court of Prince William County in Virginia on February 20, 1998. The Defendants in the action are Solutions Corporation of America, Inc., Floyd W. Kephart and Olde Monmouth Stock Transfer Company, Inc. The Company in 1996 and 1997 entered into a series of Agreements with Defendants ( not including Olde Monmouth Stock Transfer Company, Inc., Which is merely our stock transfer agent). Defendants allegedly received and utilized confidential, financial and trade secret information belonging to Pacel. In addition, Pacel issued solutions 1,050,000 shares of common stock based upon consideration of $100,000 and alleged services. In addition to the allegations the Defendants ( other than Olde MOnmouth Stock Transfer Company, Inc.) did not perform the agreed services, Defendants allegedly interfered with the Company's efforts to obtain certain contracts. The Court has issued an injunction against any transfer of the shares pending resolution of our claims." "The Company is seeking the folowing relief from the Court: Rescission of the November 1, 1996, the February 14, 1997 and the July 1, 1997 agreements between Pacel and Defendants ( other than Olde Monmouth Stock Transfer Co., Inc.), order the Defendants ( other than Olde Monmouth Stock Transfer Company., Inc.) to return the 1,050,000 shares, and the Company be awarded damages in the amount of Five Hundred Thousand Dollars ($500,000) as well as court and attorney fees." I realize that this is a long post. But I wanted you to have all the info, in case you have not seen it before. Let me know what you think. Thanks.