FALKEN Industries Ltd Recovers Judgment of € 8,800,000.00
October 27, 2005 (Press Release) --
PARIS, FRANCE(PRWEB), October 27, 2005 -- Falken Industries Ltd – today announced that it had recovered a € 8.800.000,00 judgement against NICKEL LTD with permission to pursue by subrogation, enforcement against PURE BIOSCIENCE (Formerly INNOVATIVE MEDICAL SERVICES "IMS") (OTC:BB PURE).
Nickel, stated that it had signed its litigated supply agreement with Falken in reliance upon a contract signed by it with PURE, and that it was compelled to default with Falken as a result of PURE's continued failing or inability to deliver Axen concentrate or dilution. Nickel also stated that its total claims against PURE including for breaches of its exclusivities, exceeded € 38.500.000,00 ($ 46.500.000,00) in unambiguous contract claims, and that amount again in consequential damages. These claims will be pursued in three separate lawsuits.
Nickel advised today that in accord with leave granted it by the Paris High Court on March 25, 2005, it had commenced, filed and served on an accelerated basis in Paris France, the first of two lawsuits. The first suit against PURE seeks damages exceeding € 12,500,000 ($15.250.000,00) for lost margins on required purchases and for an additional and undetermined amount including for breaches of the non-compete provisions. The second lawsuit claiming direct damages in excess of € 14.500.000,00 ($ 17.690.000,00) is expected be filed and served within ten days, and documents additional claims against PURE for its managerial failures of a joint venture. Pure had admitted its contractual obligations in SEC filings, and had confirmed Nickel’s exclusivities and performance of the contract in its own press release(s).
The jurisdiction of the French courts was heavily contested by PURE in an earlier court proceeding, but on March 25, 2005, the French Court ruled against PURE and confirmed its exclusive jurisdiction to adjudicate the matters and PURE did not appeal.
Attorneys representing Nickel, said: "Under the two Agreement(s) PURE is specifically prohibited from any competing activity in the United States, and required to make minimum purchases and meet development objectives in the United States all of which it has refused to do.”
Disclosure
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made, to the extent relevant, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Nickel, stated that it had signed its litigated supply agreement with Falken in reliance upon a contract signed by it with PURE, and that it was compelled to default with Falken as a result of PURE's continued failing or inability to deliver Axen concentrate or dilution. Nickel also stated that its total claims against PURE including for breaches of its exclusivities, exceeded € 38.500.000,00 ($ 46.500.000,00) in unambiguous contract claims, and that amount again in consequential damages. These claims will be pursued in three separate lawsuits.
Nickel advised today that in accord with leave granted it by the Paris High Court on March 25, 2005, it had commenced, filed and served on an accelerated basis in Paris France, the first of two lawsuits. The first suit against PURE seeks damages exceeding € 12,500,000 ($15.250.000,00) for lost margins on required purchases and for an additional and undetermined amount including for breaches of the non-compete provisions. The second lawsuit claiming direct damages in excess of € 14.500.000,00 ($ 17.690.000,00) is expected be filed and served within ten days, and documents additional claims against PURE for its managerial failures of a joint venture. Pure had admitted its contractual obligations in SEC filings, and had confirmed Nickel’s exclusivities and performance of the contract in its own press release(s).
The jurisdiction of the French courts was heavily contested by PURE in an earlier court proceeding, but on March 25, 2005, the French Court ruled against PURE and confirmed its exclusive jurisdiction to adjudicate the matters and PURE did not appeal.
Attorneys representing Nickel, said: "Under the two Agreement(s) PURE is specifically prohibited from any competing activity in the United States, and required to make minimum purchases and meet development objectives in the United States all of which it has refused to do.”
Disclosure
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made, to the extent relevant, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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