RXT 110 Inc. Commences Litigation and Obtains Interim Injunctive Relief
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/18/11 -- RXT 110 INC. (CNSX: RXT) (the "Company") announced today that it has commenced legal proceedings against Donald Mark Meade, Rx110 Inc., Rx100 Inc. and certain other persons and entities (the "Defendants") in connection with the previously announced revocation of an intellectual property license granted by Rx110 Inc. to the Company (the "License"). In the statement of claim, the Company is seeking, among other remedies, damages and the return and cancellation of the shares issued by the Company in consideration for the License.
The Company also announced that it has obtained an interim order of the Ontario Superior Court of Justice - Commercial List, on a without notice basis, in the form of a temporary injunction restraining the Defendants from selling, encumbering or otherwise dealing with any shares of the Company in their possession or control, including approximately 8,601,774 common shares that were issued by the Company in consideration of the license. The temporary injunction is in effect for a period of ten days and the Company may seek an extension prior to the expiry of the order.
About RXT 110 Inc.
RXT 110 Inc.'s line of retail anti-microbial products will effectively kill mould, bacteria and fungi on contact and prevent re-growth. These products address the demand created by the mounting health and environmental concerns. Mould can affect the immune system, nervous system, liver, kidneys, blood and cause brain damage.
RXT will also manufacture and distribute RXT 110, an anti-microbial filler. Calcium Carbonate is one of the most common fillers used industrially. It is susceptible like other fillers that hold moisture to attracting mold. Annual global revenue in the calcium carbonate filler industry approximates 140 billion dollars. RXT 110 Inc. will produce anti-microbial filler that performs 'filling' and 'bulking' functions like calcium carbonate. RXT 110 does not attract moisture and consequently mold infestation. RXT filler with its anti-microbial high ph core in individual particles enhances commercial product life and eradicates a broad spectrum of known bacteria, fungi, algae and other micro - organisms by suppression of their reproduction.
Forward-Looking Information
This release may contain forward-looking statements information and statements which constitute "forward-looking information" under Canadian securities law and which may be material regarding, among other things, the Company's beliefs, plans, objectives, estimates, intentions and expectations. Inherent in the forward-looking information and statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict, which give rise to the possibility that the Company's predictions, forecasts, expectations or conclusions will not prove to be accurate, that its assumptions may not be correct and that the Company's plans, objectives and statements will not be achieved. Actual results or developments may differ materially from those contemplated by the forward-looking information and statements. Consequently, undue reliance should not placed on such forward-looking statements.
On behalf of the Board of Directors of RXT 110 Inc.
Bruce Lewis, Chairman
The CNSX has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CNSX nor its Regulation Services Provider (as such term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
RXT 110 Inc.
Bruce Lewis
Chairman
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Datum: 18.10.2011 - 16:20 Uhr
Sprache: Deutsch
News-ID 1047315
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Biotech
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