NetCare Health Group, Inc. Intends to Vigorously Defend Against Trade Creditor Lawsuit.Business Editors MIDDLETOWN, Conn.--(BUSINESS WIRE)--July 26, 2002 NetCare Health Group, Inc. (NCGH) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NCGH) announced that a lawsuit was filed against its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. NetCare Health Services, Inc. by James W. Daly, Inc., d/b/a Cardinal Health, in Essex Superior Court, Salem, Massachusetts. The plaintiff is claiming in excess of $280,000 for goods sold and delivered GOODS SOLD AND DELIVERED. This phrase is frequently used in actions of assumpsit, and the sale and delivery of goods are the foundation of the action. When a plaintiff declares for goods sold and delivered, he is required to prove, first, the contract of sale; secondly, the delivery of and that checks in excess of $190,000 tendered by the company were not honored by the bank. Plaintiff is seeking an injunction enjoining the company from interfering with its rights to take immediate possession of the collateral. The NetCare Health Services has determined that Cardinal Health has not filed a UCC An abbreviation for the Uniform Commercial Code. -1 and any claim for collateral is subordinated, first to Fleet National Bank and second to CarePortal, an indirect majority shareholder of the Company. The Company has retained counsel in Massachusetts and intends to vigorously defend this lawsuit. Safe Harbor Statement under 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: The statements contained herein which are not historical fact are forward-looking statements that are subjected to risks and uncertainties that could cause actual results to differ materially form those expressed in the forward-looking statements, including, but not limited to, the outcome of 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. and other risks detailed from time to time in NetCare Health Group, Inc.'s filings with the Securities and Exchange Commission. |
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