NICKEL LTD at a joint press conference coordinated with other plaintiffs, today announced that a fourth multi-million dollar suit had been commenced against PURE Bioscience and for the first time, its key officers and certain of its agents. The multiple plaintiff / defendant suit was released to the French Ministry of Justice for service on Friday January 27.
NICKEL LTD at a joint press conference coordinated with other plaintiffs, today announced that a fourth multi-million dollar suit had been commenced against PURE Bioscience and for the first time, its key officers and certain of its agents. The multiple plaintiff / defendant suit was released to the French Ministry of Justice for service on Friday January 27.
The suit which will be tried in the French High Court, followed a Cease and Desist Letter issued to, PURE Bioscience, its officers Michael Krall (CEO), Charles Brumfield (General Counsel), Dennis B. Atchley, Corporate Secretary, Terri MacInnis of Bibicoff & Associates, Inc. a PR firm representing Pure and others. The Cease and Desist sought immediate discontinuance and retraction of recent SEC filings (8k) and news releases published by Pure Bioscience and its agents, notably on or about October 28, 2005 disparaging the credit and reputation of Nickel Ltd, Falken Industries Ltd. and others, and emphatically stated that the Pure filings and release contained intentionally false and misleading statements regarding Nickel Ltd, Falken Industries Ltd and others. The cease and desist was ignored by all addressees, triggering this lawsuit.
Attorneys for Nickel and plaintiff commented, "The malicious and intentionally misleading and repeated SEC filings and the October 28, 2005 news release by PURE Bioscience are deliberate attempts to damage Nickel and Falken and parties, such as professionals in relationship with them.”
The attorneys added : “Contrary to the claims by PURE Bioscience, PURE has suffered a number of important procedural reversals in both US and French litigation and consequently now faces unambiguous contractual and other claims exceeding $ 65,000,000. PURE lost its attempt to defeat the French Court jurisdictions. It similarly has lost it attempt to escape arbitration in Sweden of major contractual claims affecting its rights to Axenohl, and its derivative Axen 30, claims which also present no ambiguity. If successful, Nickel Ltd will in addition to enforcing its substantial rights to Axehnol derivatives, receive freely tradable shares in PURE totaling 5% of its total outstanding. There has never been a French lawsuit concerning PURE dismissed against Nickel.”
Rishard Lebbe, communications officer for Falken Industries Ltd, a co-plaintiff in the current action stated : “Pure has conveniently omitted from its SEC 8k disclosures and October 28 press release that its recent “win” against NVID, a defunct company, was by default and that the award is wholly uncollectible. Similarly that its arbitration award against Falken Industries Ltd is patently flawed with irreparable deficiencies preventing its confirmation, not the least of which is PURE’s own admission in its filed pleading that the court was without jurisdiction to order Falken to the arbitration. With the court lacking jurisdiction its decision to compel arbitration, and the award in consequence is a nullity. Such a disclosure was material but nevertheless omitted by PURE.”
Attorneys for Falken Industries Ltd stated : “We view the purposeful omissions and misstatements in SEC filings, and the October 28 press release as clear demonstrations of PURE and its acolytes’ justified despair in light of the steady stream of adverse results it is suffering in the dozen or so judicial proceedings and arbitrations now pending between the parties. Simply, PURE is embroiled in a nightmare of hopelessly costly litigation which should have been long ago settled, and would have been but for its management’s continued refusal to do so. Without an operating business, little if any revenues, PURE is compelled to generate frivolous claims to fuel steady distorted reports instilling hopes in the minds of its credulous investors which according to its filings, it continues to dilute to finance its current undertakings.”
Rishard Lebbe continued, "The filing of false or in the least incomplete or misleading SEC reports and the issuance of the October 28, 2005 press release is yet another example of Pure’s modus operandi, to fodder its stock promotion activities. At best, it is an ill-advised attempt to coerce Falken into an extorted settlement of an arbitral award that is notable only for its likelihood of dismissal. The Arbitral Award is of no material consequence to Falken until and unless confirmed by a court. PURE’s insensitivities to shareholder interest faced by crushing litigation expense is not shared by Falken. We are quite perceptive of the costs of litigation, but will continue to employ proper legal remedies to defend our company, and our shareholders from further damage."
About Nickel Ltd
Nickel Ltd is an investor in intellectual properties, product engineering and marketing.
Disclosure Safe Harbor Provisions:
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made, to the extent relevant, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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