instaCare Receives Favorable Resolutions in Lawsuits.* Receives Return of 31,958,000 Original Shares of Stock Valued at Over $500K and Issued to Ronald Kelly as Part of a 2004 Acquisition * Receives a $200,000 Judgment Against Kelly Company World Group, Inc. * Prevails Against Investor Relations Investor relations The process by which the corporation communicates with its investors. Services, Inc. on the Company's Claim That the Contract between the Two Companies Was Never Binding 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 -- instaCare Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ISCR ISCR Investor Summit on Climate Risk ), a leading distributor of life-saving prescription drugs and a developer of patent-pending technologies for e-health and the EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. applications, announced today it has achieved favorable resolutions in two lawsuits pending on behalf of the Company. In the first lawsuit, the Company sued Ronald Kelly and his Company, Kelly Company World Group, Inc., together with Linda Kelly and Kimberly Kelly, in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , for the Central District of California. The lawsuit dealt with the prior merger agreement between instaCare and certain of the defendants, and was premised on allegations of fraud, conversion and violations of the federal RICO RICO n. . statutes. This case was settled before trial, for a stipulated judgment A stipulated judgment is a judgment which both sides agree to have entered. If the agreement is not followed, the plaintiff can file an affidavit of default wherein the judgment can be entered without notice to the defendant(s). against Kelly Company World Group in the amount of $200,000. In addition, the claims against Ronald Kelly were settled for the return of the 31,958,000 shares of stock that he had received as part of the consideration for the 2004 acquisition (the shares were subject to the reverse split previously effected by the Company, and the rate of 80/1). In exchange for the settlement, the complaint was dismissed by instaCare as against Ronald Kelly, Linda Kelly and Kimberly Kelly. Ronald Kelly has also agreed to provide additional information concerning the identities of present and former shareholders of instaCare with whom he dealt during and subsequent to the merger. The amount of the stipulated judgment and the settlement for the return of the stock was, from the Company's standpoint, determined in large part by what the Company believed to be the defendants' ability to pay. The Company's forensic research provided documents and statements to the effect that Kelly Company World Group, Inc. and Ronald Kelly were subject to substantial judgments in other states, and that the chances of any large collection were unlikely. In the second lawsuit, the Company brought suit against Investor Relations Services, Inc. and Summit Trading, Ltd. for a declaration that the alleged contracts between the Company and those entities were not binding and were therefore unenforceable Adj. 1. unenforceable - not enforceable; not capable of being brought about by compulsion; "an unenforceable law"; "unenforceable reforms" enforceable - capable of being enforced . Investor Relations Services and Summit Trading cross-complained, alleging that (1) the contracts were enforceable, (2) pursuant to those contracts, those entities were entitled to 10% of the outstanding stock in the Company at such time as they might choose to exercise their "option," and (3) they were entitled to damages against the Company's CFO See Chief Financial Officer. , Keith Berman, for intentional interference with the alleged business relationship between the Company and those entities. The Superior Court for the State of California, in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County, has issued its decision, relieving instaCare of any obligations to Investor Relations Services or Summit Trading, finding that the alleged agreements were not properly authorized or executed, and that they never became binding upon instaCare by reason of the lack of approval by the Company's Board of Directors. At the same time, the court found against Investor Relations Services and Summit Trading, in all respects, on their cross-complaint. The court has further found that instaCare and Keith Berman are deemed the prevailing parties 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. . The importance of that finding is that instaCare, under California law California Law consists of 29 codes, covering various subject areas, the State Constitution and Statutes. See also
"With these two challenges now behind us, we are again focused squarely on the continued execution of our business and acquisitions plans, which we believe will enable the Company to achieve significant growth objectives and deliver shareholder value," stated Robert Jagunich, Chairman of the Board. "We are pleased that we were able to achieve a positive resolution in the Kelly Litigation, and that the court sided with instaCare in the Investor Relations Services/Summit Trading Litigation, allowing us to protect the company and its shareholders from what we considered to be an outrageous and unconscionable Unusually harsh and shocking to the conscience; that which is so grossly unfair that a court will proscribe it. When a court uses the word unconscionable to describe conduct, it means that the conduct does not conform to the dictates of conscience. contract, and recognizing the good faith of the position adopted by the Company. We remain committed to the highest ethical standards, and expect our employees, officers and vendors to conduct their business both ethically and professionally." Forward-Looking Statements: This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions. Wasserman Morris & Company has been compensated twenty-five thousand dollars by a third party for preparing the report. For further information, visit the company's Web Site: http://www.instacare.net or http://www.caredecision.net |
|
||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion