Aden Announces Commencement of Litigation Against MercExchange, LLC.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--May 26, 2000 Aden Enterprises, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ADEN) today announced that it has commenced legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. in the United States District Court for the District of Nebraska The United States District Court for the District of Nebraska is the Federal district court whose jurisdiction is the state of Nebraska. The United States Attorney's Office for the District of Nebraska against MercExchange, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control seeking to declare that a Capital Contribution and Sale Agreement, effective October 30, 1999 (the "Sale Agreement"), a Patent Enforcement Agreement, dated January 7, 2000 (the "Enforcement Agreement"), are void and unenforceable. Under the Sale Agreement, Aden agreed to acquire a ten percent (10%) equity interest in MercExchange. Under the Enforcement Agreement, Aden agreed to fund the costs of litigating certain patent claims of MercExchange against third parties. Aden issued two promissory notes under the Sale Agreement in the aggregate principal amount of $4,000,000 of which Aden has paid the sum of $750,000. Aden contends that the notes are unenforceable and further contends that, if these agreements are enforceable, the sole remedy of MercExchange is the forfeiture of Aden's equity interest in MercExchange. To date, MercExchange has not filed an answer to Aden's complaint. However, MercExchange subsequently filed an action in the United States District Court for the Eastern District of Virginia The United States District Court for the Eastern District of Virginia is one of two United States district courts serving the Commonwealth of Virginia. History During the 1960s, Judge Albert V. Bryan Jr. (Alexandria Division) seeking enforcement of the promissory notes under the Sale Agreement. Aden will contest this action vigorously. Concurrent with the commencement of legal proceedings, Thomas Woolston
Thomas Woolston (baptised November 1668 - January 27, 1733)[1][2] and John Phillips have been terminated as officers of Aden and its subsidiaries. Except for historical information contained herein, the matters set forth in this press release are forward looking statements that are subject to risks and uncertainties including market conditions in the industries that the Company serves, the impact of competitive products and pricing, the ability to increase capacity as planned, the timely development and market acceptance of new products and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
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