Bio Solutions Manufacturing Sues Bio Solutions Franchise Corp. and Others.Action Seeks to Hold BSFC BSFC Brake Specific Fuel Consumption (amount of fuel consumed by an engine divided by its power output) Group Responsible for Breach of Fiduciary Duty, 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 , and Massive Self Dealing 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 ) announced today that it has filed suit against Bio Solutions Franchise Corp., 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. The action charges this group of individuals and entities with breach of fiduciary duty, usurpation Usurpation Adonijah presumptuously assumed David’s throne before Solomon’s investiture. [O.T.: I Kings 1:5–10] Anschluss Nazi takeover of Austria (1938). [Eur. Hist. of corporate opportunity, federal and state securities fraud, misappropriation of trade secret, 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. . The action states that this group entered into a series of self-dealing and wasteful transactions pursuant to which they illegally 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. and diverted a significant business opportunity from the Company and then sold the same opportunity to the Company for an egregious profit, illegally misappropriated the Company's trade secrets, fraudulently expended significant amounts of the Company's cash without permission or authorization, much of which was paid directly to or on behalf of members of the group, illegally distributed the Company's common stock without registration and in violation of an SEC injunction, entered in a series of related party transactions and agreements with the Company which unfairly and excessively benefited the group and its members, and breached those agreements in gross disregard for the Company's rights. The action was filed 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. as a counterclaim to a breach of contract action brought by Mr. Wade. In the counterclaim, the Company seeks actual and punitive damages in an amount to be proven at trial as well as injunctive and declaratory relief, including, without limitation, the return of the Company's trade secrets and approximately 10,000,000 shares of the Company's common stock. David S. Bennett You can assist by [ editing it] now. , President of Bio Solutions Manufacturing, said, "The purpose of this action is to recover damages and equitable relief from Bio Solutions Franchise Corp. and its affiliates for their massive self-dealing and misconduct. In addition to seeking damages, we are seeking the return of misappropriated trade secrets and approximately 10,000,000 shares of our common stock. These individuals and entities deliberately acted with the purpose of benefiting themselves at the expense of Bio Solutions Manufacturing, its employees, and its investors. "Meanwhile, the Company is working diligently to repair the damage done by the BSFC group," continued Mr. Bennett. "We have closed our manufacturing facility in Hattiesburg, Mississippi, which we shared with the BSFC group, and are seeking to relocate our manufacturing facilities near our corporate office in Las Vegas, Nevada. With this relocation, we intend to focus production on higher margin products with larger distribution capabilities. In addition, we are continuing to implement our plans to produce and deliver biodiesel fuel from brown grease." 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 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. , 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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