Venezuelan Superior Court finds in favour of Technigen.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 16, 1996--As a result of an ongoing dispute that Technigen Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TGPAF) has had with the previous Leasehold Sellers ("Sellers") of L'e Casino on the Isle of Isle of For names of actual isles, see the specific element of the name; for example, Wight, Isle of. Margarita Margarita (märgärē`tä), island, 444 sq mi (1,150 sq km), in the Caribbean Sea off the coast of Venezuela. With many smaller islands it constitutes the Venezuelan state of Nueva Esparta (1990 pop. 263,748). , Venezuela, and the Venezuelan Superior Court recently finding in favour of Technigen and declaring the company to be the lawful Licit; legally warranted or authorized. The terms lawful and legal differ in that the former contemplates the substance of law, whereas the latter alludes to the form of law. A lawful act is authorized, sanctioned, or not forbidden by law. leasehold owner and operator of the Casino, the company: (A) has initiated a legal action for damages against the Sellers in the amount of U.S. $3 million; (B) has initiated a legal action for damages against the Administrator and the Judge who appointed him at the behest be·hest n. 1. An authoritative command. 2. An urgent request: I called the office at the behest of my assistant. of the Sellers; and (C) Technigen which is in possession and control of L'e Casino is currently seeking an additional five year lease term. The dispute arose under the Venezuelan Purchase and Sale Agreement dated Dec. 15, 1995 pursuant to which the Sellers were to guarantee the existing Venezuelan Tax and Security Firm liabilities previously incurred by the Sellers. Upon the Sellers breaching the Agreement and failing to meet their obligations or resolve the dispute, the company obtained from the Venezuelan Court a suspension of Technigen's promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. payments of the balance of the purchase price of $1 million until the Sellers met their significant obligations under the Agreement. The Sellers obtained an Order (Emparo) in April of 1996 from a Venezuelan Judge for the appointment of an Administrator of the Court for the casino pending resolution of the dispute. Subsequently, the Venezuelan Superior Court vacated the Order (Emparo) that the Sellers had previously obtained and confirmed Technigen as the lawful leasehold owner and operator of the casino. However, the Administrator of the Court obtained by the Sellers breached his fiduciary duty Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary legal duty - acts which the law requires be done or forborne to make rental payments due the Lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. which put the Lease Agreement into default. Based on the Administrator's failure to pay the lease payments, Technigen made payment of 9.2 million Bolivars due to the Lessor which was accepted by them, in order to cure the default and retain possession of L'e Casino. The company has initiated the legal actions for damages against the Sellers, The Administrator and the appointing Judge. Although the Casino is presently under the control of Technigen, the Casino is temporarily closed to the public during current changes in management and to the casino, and discussions seeking an additional five year term. CONTACT: Investor Resource Services Gary Cella, 407/657-1300 |
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