Bio Solutions Manufacturing Settles Lawsuit with Bio-Solutions Franchise Corp. and Others.Bio Solutions Manufacturing Retracts Press Release Allegations Dated August 23, 2007 LAS VEGAS -- Bio Solutions Manufacturing, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BSLM BSLM Business Service Level Management ) (FWB (Fixed Wireless Broadband) See fixed wireless. : B2T B2T Back to Topic B2T Business to Technology B2T Business to Treasury B2T Business to Trade B2T Bounce to This ) and Bio-Solutions Franchise Corp., or BSFC BSFC Brake Specific Fuel Consumption (amount of fuel consumed by an engine divided by its power output) , announced today that they have settled a pending action against each other and other parties in the United States District Court for the Southern District of Mississippi The United States District Court for the Southern District of Mississippi is a federal court in the Fifth Circuit with facilities in Biloxi, Hattiesburg, Vicksburg, and Jackson. . In June 2007, suit was commenced in the District Court. Since the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. commenced, the parties have provided credible evidence to dispute the charges made against each other. The parties have reached a settlement of the litigation, which will be globally dismissed with prejudice. As part of the settlement, the parties acknowledge that the allegations in the filings with the District Court are withdrawn and are hereby expressly publicly retracted, including specifically the allegations made in the press release issued by Bio Solutions Manufacturing on August 23, 2007, at 5:02 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , alleging breach of fiduciary duty, usurpation of corporate opportunity, federal and state securities fraud, misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of trade secrets, conversion, unlawful distribution of securities, interference with contractual relations and prospective business advantage, unfair competition and business practices, breach of contract, breach of the covenant of good faith and fair dealing, civil conspiracy, fraud, and misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. , self-dealing and wasteful transactions. All allegations of improper conduct attributable to Bio-Solutions Franchise Corporation, N. Wayne Wade, Louis H. Elwell, III, Innovative Industries, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Bio-Solutions of Louisiana, LLC, Environmental Services of Mississippi, LLC, Wade's Farm, LLC, Sabrina Baio and Amanda Best, are hereby likewise expressly completely publicly retracted. BSLM no longer makes these contentions, and is pleased that it is able to retract the allegations made in the filings with the U.S. District Court. BSLM is also pleased that BSFC has likewise withdrawn its contentions and retracted the allegations against BSLM in the U.S. District Court. BSLM wishes to acknowledge the efforts and cooperation of BSFC in bringing this case to a conclusion. BSLM believes that this resolution is in the best interest of all parties. BSLM wishes to acknowledge the contributions of the BSFC group to BSLM over the years, and thanks them for those contributions. About Bio Solutions Manufacturing, Inc. Bio Solutions Manufacturing has developed microbiological products for waste bioremediation. The Company's products are currently used by many municipal collection systems and food service facilities in the United States. The Company's products have been approved by municipalities for use in food service facilities that produce waste products introduced into the municipal collection systems. The Company's products treat waste in an environmentally friendly and safe manner in compliance with Federal and State government standards. The Company has developed a line of environmentally friendly cleaning products that include all-purpose cleaner, carpet cleaner, concrete and asphalt cleaner, and floor soap. In addition, the Company is developing a unique, patent-pending grease extractor to be used in conjunction with bioremediation solutions to extract desired oil and grease to be converted into value-added product, such as biodiesel fuel. Safe Harbor for Forward-Looking Statements This document contains discussion of items that may constitute forward-looking statements within the meaning of 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. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of operating history and experience in the biodiesel market, history of losses, lack of employees, risks in maintaining intellectual property, fluctuations in biodiesel fuel and energy prices, competition from other alternative energy sources, lack of working capital, debt obligations, disputes with the company's distributor and affiliated parties, litigation, general economic conditions in markets in which the company does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. |
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