Aran Laboratories(R) Files Suit against Former Officer, Theodore N. Trikilis and P.I.E. International, Inc.CHIPPEWA LAKE, Ohio Chippewa Lake (formerly Chippewa-on-the-Lake) is a village in Medina County, Ohio, United States. The population was 823 at the 2000 census. Chippewa Lake also often refers to the surrounding area composed of the lake, the former amusement park, Gloria Glens Park -- Aran Laboratories([R])filed a complaint against former corporate officer and chairman of the Board of Directors, Theodore N. Trikilis ("Trikilis") and against a company he controls, P.I.E. International, Inc ("P.I.E."). The Company's legal team filed the suit in the Court of Common Pleas COURT OF COMMON PLEAS. The name of an English court which was established on the breaking up of the aula regis, for the determination of pleas merely civil. It was at first ambulatory, but was afterwards located. , Medina County, Ohio Medina County is a county located in the state of Ohio, United States. As of the 2000 census, the population was 151,095. The 2004 projected population was estimated at 165,370. , last week. The complaint seeks damages and restitution under several counts including personal and corporate defamation and disparagement In old English Law, an injury resulting from the comparison of a person or thing with an individual or thing of inferior quality; to discredit oneself by marriage below one's class. ; tortious interference; breach of fiduciary duty by Trikilis; cancellation or changes to certain contractual agreements, including the assets and liabilities agreement announced in December 2006; duplicate submissions of expenses for reimbursement to Trikilis and/or P.I.E.,; non-Board approved loans to Trikilis and P.I.E., via Trikilis; wrongful eviction/exclusion of Company employees from corporate headquarters; and abuse of process in the wrongful enlistment of government agencies and municipal law enforcement. The decision to file the complaint was made by Company's Board of Directors following the discovery and continued investigation of alleged misappropriated mis·ap·pro·pri·ate tr.v. mis·ap·pro·pri·at·ed, mis·ap·pro·pri·at·ing, mis·ap·pro·pri·ates 1. a. To appropriate wrongly: misappropriating the theories of social science. funds. Conrad F. Mir, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aran Laboratories([R]), in the announcement of the complaint, said the filing was based on the defamation and disparagement campaign launched by Trikilis coupled with our internal investigation. "This legal action is unfortunate but necessary to clear our Company's reputation," commented Mr. Mir. "We are committed to upholding our fiduciary responsibility and upholding our professional commitment to our customers. It is our intent to honor all repairs, warrantees and deliver all backlogged units in short order." About the Company Aran Laboratories([R]) is a fully-accredited EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. research laboratory. We are committed to the discovery and furtherance of air and water remediation through the use of super-oxygen. Our proprietary product line of sanitizers for air and aqueous environments is the cornerstone of our remediation business. For more information on the Company and/or purchasing our products, please visit our website at www.aranlaboratories.com or call us at (330) 408-5255. Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. Aran Laboratories assumes no obligation to update the information in this release. Reference to our website above does not constitute incorporation of any of the information thereon into this press release. |
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