CHICAGO, Sept. 25, 2013 /PRNewswire/ -- JNS Holdings
Corporation (OTC Markets Group: JNSH) today announced that its
subsidiary JNS Power & Control Systems, Inc. ("JNS Power") has
received a favorable ruling in its lawsuit against 350 Green, LLC
("350 Green") for enforcement of an Asset Purchase Agreement with
350 Green. Under the terms of the Asset Purchase Agreement,
350 Green, an owner and operator of electric vehicle ("EV")
charging stations throughout the country, contracted to deliver to
JNS Power its chargers and license agreements with property owners,
all of which are located in the Chicagoland area. On
September 24, 2013, the U.S. District
Court for the Northern District of Illinois, Judge Elaine
Bucklo issued a ruling ordering 350 Green to deliver the
chargers and licenses as contracted in the Asset Purchase
Agreement. In her ruling Judge Bucklo also ruled that the
claim made by one of JNS Power's competitors, Car Charging Group,
Inc. ("CCGI"), concerning the Asset Purchase Agreement were without
merit and found in favor of JNS Power in denying CCGI's
claim.
"JNS Power is looking forward to getting this federally-funded
City project back on track to provide an efficient network of car
charging stations to the entire Chicago metropolitan area," said Brian Howe, JNS Power's Chief Executive
Officer. "We entered into the Asset Purchase Agreement with
350 Green in April fully prepared to complete the Chicago project in the timely matter required
by the grant and have worked since then to expedite the court's
resolution of these matters. We have always maintained that
CCGI's claims against JNS were baseless. Now we have a
federal judge who agrees with us," Howe said.
Kelly McCloskey Cherf, partner of
Hogan Marren, Ltd., attorney for JNS Power, added, "We believe the
Court's decision was well-reasoned and very persuasive. Judge
Bucklo soundly rejected all of CCGI's arguments, finding many of
them unsupported by the undisputed facts established in this case
and the controlling law. She held that under the unambiguous
terms of the Asset Purchase Agreement and related contracts, 350
Green had the right to assign the electric chargers and its
interests in leases, licenses and agreements with the hosts for the
chargers to our client, JNS and has ordered 350 Green to assign
those assets to JNS Power. Our client is obviously satisfied with
the Court's decision, and the expedited nature by which the Court
rendered its decision."
This press release does not constitute an offer of any
securities for sale. This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements involve certain risks
and uncertainties that could cause actual results to differ. All
forward-looking statements in this press release are based on
information available to the company as of the date hereof, and the
company undertakes no obligation to update forward-looking
statements to reflect events or circumstances occurring after the
date of this press release.
SOURCE Hogan Marren, Ltd.