Eco-Trade Responds to Allegations in a Frivolous Lawsuit Made by Individual Who May Be in Breach of
Eco-Trade Responds to Allegations in a Frivolous Lawsuit Made by Individual Who May Be in Breach of a Settlement Agreement with the Company
GREAT FALLS, Mont.--(BUSINESS WIRE)-- Eco-Trade Corp. (OTCQB:BOPT), an independent oil and gas exploration company (the "Company"), responds to allegations made by Mr. George Sharp, who appears to be acting in contravention of a settlement agreement and mutual release that he and the Company duly executed on June 2, 2010 (the "Settlement Agreement") regarding a lawsuit that was dismissed with prejudice in the Los Angeles Superior Court.
As per the Settlement Agreement that was filed with the S.E.C., the Company now has grounds to believe that Mr. George Sharp is in breach of the Settlement Agreement. The Company takes the legal position that Mr. Sharp's potential actions are in direct contravention of the Settlement Agreement. We have had the Company's lawyers cordially remind him of his contractual obligations pursuant to the Settlement Agreement. If Mr. Sharp continues with his course of actions against the Company, the Company will be forced to counterclaim against him for breach of contract and obtain injunctive relief whereby it will seek full indemnity costs against him. The Company takes the position that any lawsuit is without merit and it will defend it vigorously and seek costs against him in his personal capacity. If Mr. Sharp continues with the lawsuit, we will also be forced to counterclaim for the independent actionable torts of intentional interference with economic relations and inducing breach of contract for all damages that flow from this potential tortuous interference.
Based on the Company's review of public information and court documents, Mr. Sharp has filed lawsuits against numerous public companies. Further, he has allegedly engaged in a practice where he has contemporaneously shorted the stock of the very reporting issuer in which he has filed a lawsuit. The Company makes no allegations that Mr. Sharp has worked on a coordinated effort to short sell the companies he has sued; however, the Company intends to investigate further on any short selling that may be taking place on its common shares. The Company will advise its shareholders of its investigation in due course.
The Company takes the legal position that all of its statements made in and around this Press Release are protected by the principle of justification. The Company takes the legal position that all of its statements made in and around this Press Release are protected by absolute privilege in that they are necessary and/or preparatory for the defense or commencement of litigation in the form of the aforementioned counterclaim. Finally, the Company takes the position that all of its statements made in and around this Press are protected by qualified privilege as the Company has a legal duty to inform its shareholders, and the shareholders have a corresponding interest to receive it.
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, and amended risk factors to investment that may be found at http://www.ecotradecorporation.com/contact/safe_harbor.html when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site:
Canon Bryan, 855-645-9378
KEYWORDS: United States North America Montana
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