Hy-Drive Wins Temporary Injunction Against CHEC.
According to Hy-Drive, CHEC has been ordered not to "dispose, assign, transfer or otherwise encumber any of its assets utilizing any patent applications and/or registrations, trademark applications and/or registrations or agreements prior to [the date of the court order], manufacturing equipment, office equipment save and except the sale of inventory and production of any hydrogen unit for use in association with any combustion engine, provided CHEC maintain a complete accounting of all sales and costs," as well as not "disclose to any third party any technology or confidential information associated in any manner with the assets."
Hy-Drive noted that one week after the court order, CHEC brought a motion to stay the plaintiffs' action to void the alleged fraudulent conveyance on the basis that there is existing legislation between the parties in respect of the same subject matter.
The plaintiffs are scheduled to reappear before the court on February 22 to argue for the expansion and continuation of the injunction until the end of the trial, as well as dispose of CHEC's motion for a stay. Hy-Drive said it is the plaintiffs' position that CHEC's motion to stay the fraudulent conveyance is without merit since the existing legislation referred to by CHEC is based primarily on the assets alleged to have been fraudulently conveyed by Global Tech.
Contact: Hy-Drive, phone 905-542-3024 ext 300, website http://www.hy-drive.com.
(EIN STAFF: 1/4)
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|Publication:||Fuel Cells Today|
|Date:||Jan 6, 2006|
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