EQCO2 and Discovery Plan a Vigorous Defense Against Crown's Lawsuit, Which They Consider to Be Meritless
September 06 2013 - 4:55PM
Marketwired
EQCO2, Inc. (OTCQB: CLNO) will fight Crown and is considering
counter-claims, believing now that Crown's intent all along was to
re-take control after draining Discovery's funds from it.
EQCO2 recently introduced Crown to an investor who offered
significantly over market value for Crown's interest in EQCO2. It
was rejected by Crown's failure to respond after weeks of
negotiations to satisfy Crown's requirements, which the last
version met.
In recent years, Crown was paid what appear to be exorbitant
amounts of CLNO shares for services allegedly received, as approved
by Ken Bosket and Montse Zaman, while each was an officer and
director of both companies. Ms. Zaman's mother is the majority
shareholder of Crown, based on SEC filings. When the Exchange
Agreement named in the lawsuit was approved, Bosket and Zaman were
officers and directors in both companies too.
EQCO2 believes that Hassan "Mike" Zaman, a person barred by the
SEC from association with stock brokers
(http://www.sec.gov/litigation/admin/3440494.txt) controlled his
wife's actions in both companies, and potentially Bosket's too.
Zaman is CEO of Zaman & Co., which received over 70,000,000
CLNO shares in June (authorized by EQCO2's board when his wife and
Bosket were directors). Suspecting fraud, EQCO2's current board is
now investigating.
All defendants will vigorously fight the lawsuit and take every
action available at law to protect the interests of shareholders
and themselves, because under Zaman's and Bosket's control, EQCO2
was an unmitigated failure as a company.
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