Cinema Ride, Inc. Announces Ruling In Its Tickets2Nite, LLC Lawsuit.Business Editors STUDIO CITY, Calif.--(BUSINESS WIRE)--Oct. 8, 2003 Cinema Ride, Inc. (the "Company") (Pink Sheets: MOVE) announced that the District Court of Clark County, Nevada Clark County is a county located in the U.S. state of Nevada. It is the most populous county in Nevada (2006 population estimate 1,912,654), and contains the city of Las Vegas. has rendered its Decision and Order in the case of Cinema Ride, Inc. (Plaintiff) verses Entasis entasis (ĕn`təsĭs) [Gr.,=stretching], the slight convex curvature of a classical column that diminishes in diameter as it rises. and Hal Kolker (Defendants) regarding the parties' ownership and management rights and obligations of Tickets2Nite, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Tickets2Nite, LLC is a company formed for the purpose of selling same day half-price tickets in Las Vegas, Nevada. Tickets2Nite, LLC is owned by the Company and Entasis. Earlier this year, the Company initiated an action against the defendants. The Court found that the Tickets2Nite Operating Agreement is valid, clear and unambiguous; that although Mr. Kolker asserted many defenses to the validity of the operating agreement, they are without merit; and that Mr. Kolker breached the operating agreement by not funding his portion of the capital contribution pursuant to the agreement. Further, with regard to the Defendant's (Kolker's) counterclaims, the Court found for the Plaintiff (Cinema Ride, Inc.) on all counts. The Company is very pleased to be vindicated in District Court in this lawsuit. Mitch Francis, 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 the Company, said "This closes a significant chapter in this 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. and will allow us to expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex move forward with our business of selling same day half-price tickets in Las Vegas." The Court ruled that the parties are unable to operate the business together pursuant to the Operating Agreement, and therefore ruled that the limited liability company be dissolved. Cinema Ride has taken exception to this dissolution ruling and has filed a Motion to Amend Decision and Order and a Motion for Attorney's Fees and Costs. The motion requests that the Court either expel Mr. Kolker from the existing limited liability company, or reduce his percentage interest commensurate with his capital contribution, leaving Cinema Ride in control of the entity as it has been since February of this year pursuant to the Preliminary Injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. against the Defendant (Kolker). These Motions are scheduled to be heard on Wednesday, October 15, 2003. Cautionary Statement Pursuant to Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions 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: This news release contains "forward-looking" statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. The forward-looking statements in this news release are subject to risks and uncertainties that could cause actual results to differ materially from those results expressed in or implied by the statements contained herein. The Company undertakes no obligations to revise or update any forward-looking statements contained herein in order to reflect events or circumstances that may arise after the date of this news release. |
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