PHILLIPS INTERNATIONAL FILES SUIT AGAINST YOUR HEALTH, INC.Phillips Phil·lips A trademark used for a screw with a head having two intersecting perpendicular slots and for a screwdriver with a tip shaped to fit into these slots. International (Potomac Potomac (pətō`mək), river, 285 mi (459 km) long, formed SE of Cumberland, Md., by the confluence of its North and South branches and flowing generally SE to Chesapeake Bay. , MD) has filed a Federal lawsuit lawsuit: see procedure; tort. against Your Health, Inc. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) for breach of contract related to the cancelled sale of Phillips Health Group to Your Health. Phillips terminated the contract with Your Health on April 13 due to the failure of Your Health to make cash deposits called for by the agreement. Phillips is suing for a $500,000 payment that it claims was never delivered and is also seeking judicial confirmation that Your Health's breaches of contract result in termination of an additional editorial license agreement. On March 31, Phillips agreed to sell its health information publishing and nutritional products business to Your Health. Total purchase price was not given. The contract called for Your Health was to deposit $10 million in an escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account within three days. When the deposit was not made on time, Your Health agreed to make a non-refundable $2 million payment directly to Phillips and put $8 million into the account the next day. Phillips received $1.5 million but the $8 million was never deposited and the deal was terminated. |
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