Jyra Clarifies the Acquisition of Various Assets From the Liquidators of Its Wholly Owned Subsidiary by Chevin Limited.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Aug. 2, 2002 Jyra Research Inc.(JYRA.PK) announces that certain assets of its wholly-owned subsidiary, Jyra Research Ltd., an English corporation in liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy proceedings, have been sold to Chevin Limited, an English provider of information technology products. Chevin Limited did not purchase any rights to use the name Jyra or Jyra Research, nor did Chevin Limited purchase any of the stock of Jyra Research Inc. or Jyra Research Ltd. (a Chevin Limited press release dated August 1, 2002 mistakenly stated that Chevin Limited had acquired Jyra Research). Up until Jyra Research Ltd. was placed into Creditors Voluntary Liquidation Voluntary liquidation Liquidation proceedings that are supported by a company's shareholders. in June, both Jyra Research Inc. and Jyra Research Ltd. had pursued six parties from the United Kingdom, USA and Canada, to acquire all or part of its business assets. Chevin Limited was the only party to make an offer for various assets and it was that offer that the Liquidators accepted since no other potential purchasers were interested. As required by English procedures, a Liquidator Liquidator Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts. had been appointed to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose the company's assets (upon appointment of the Liquidators, the former management of Jyra Research Ltd. ceased to have any managerial control over the company). The Liquidators elected to sell Jyra Research Ltd.'s Intellectual Property Rights, goodwill and trade information along with some computer and network equipment, to Chevin Limited for (pound)37,200. As a condition of the sale, Jyra Research Inc. was required to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such all rights that it may have had in the intellectual property of Jyra Research Ltd., and refrain from developing, selling or dealing in products providing functionality of that provided by the Jyra Research Ltd. products for a period of 3 years, in exchange for a payment of (pound)22,500. Jyra Research Inc. has explored but has been unsuccessful in securing any alternative business for itself. The Company, since it has no business, believes its equity securities to be worthless and it has insufficient financial resource to make any distribution to shareholders. The Company's Board of Directors is seeking advice concerning liquidating or dissolving dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. the Corporation. The statements in this press release that relate to future plans, events or performance are forward looking statements that involve risk and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Readers are, accordingly, cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Additional information about these risks and uncertainties is set forth in the Company's most recent report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . Jyra Research Inc. undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect results, events or circumstances after the date hereof. Jyra Research Inc., is Incorporated With Limited Liability in Delaware, USA |
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