Double Crown Resources Announces Successful Settlement in Legal Issue Over Commodity Transport System & Plans to Move Forwa...
October 15 2014 - 08:30AM
Business Wire
October 15, 2014 -- Double Crown Resources, Inc. (OTCQB: DDCC),
a fully reporting company, (hereinafter, "Double Crown") is pleased
to announce a settlement in principle has been
reached concerning its previously disclosed complaint for
declaratory judgment and opposing party’s trade secret
litigation with Synergy Natural Resources, LLC (“Synergy”).
This positive resolution will now allow Double Crown to
move forward with the final stages of plans to complete
and introduce the company's own advanced and unique
commodity transport system to the global industrial transport
market.
At this time, Double Crown wishes to correct certain
inaccuracies included in Synergy's press release of October 13,
2014. First, the Synergy release stated, “...all alleged charges
against Synergy Natural Resources, LLC (SNR) by DDCC were dismissed
on August 26, 2014.” In actuality, a partial dismissal of Synergy’s
claims against Double Crown and DDCC Marketing was entered on
August 26th. Specifically, the Court ordered, in part, that,
“Synergy's claim under the Texas Uniform Trade Secrets Act against
Double Crown and DDCC Marketing and its breach of contract claim
against DDCC Marketing are dismissed with prejudice.” (Order
dated August 26, 2014, p.17). Double Crown's amended complaint
filed on September 15, 2014 continued to seek declaratory relief
and other tort claims against Synergy. Second, the role of the
mediator was limited solely to facilitating the parties’
settlement. No findings of facts or legal conclusions of law were
made by the mediator as such would be beyond the scope of the
mediator’s role.
On October 6, 2014, following full-day mediation before former
judge Alvin L. Zimmerman, Double Crown and Synergy representatives
reached an agreement in principle regarding the previously
disclosed litigation between the parties pending in the U.S.
District Court for the Southern District of Texas. To avoid the
cost and uncertainty of litigation, Double Crown, without admitting
any liability, agreed to pay Synergy a total of $630,000 in cash
within one year, plus three million shares of stock. In return,
Synergy agreed to dismiss its remaining claims against, and
indemnify, Double Crown regarding any third party claims arising
from the Synergy’s claims. Under the agreement, which is
subject to the execution of final settlement documents and approval
by the Court, both parties will be free to pursue their
respective commodity transport container systems. This
means Double Crown may continue developing and marketing its
enhanced container system.
Double Crown’s CEO, Jerold S. Drew stated, “Although we continue
to believe that Synergy’s claims lack merit, we are excited to
resolve this dispute and move forward with executing our business
plan, including worldwide marketing of our container system, for
the benefit of our customers and shareholders. Now that we are
putting the distraction of this legal dispute behind us, we
anticipate being able to issue more news on our progress and
developments in the balance of 2014."
About Double Crown Resources, Inc.
Double Crown Resources, Inc. is a natural resource exploration
and development company holding a 100% interest in the Bateman gold
& nickel prospect near Thunder Bay, Ontario, Canada. In
addition, Double Crown is targeting new properties as well as
oilfield supply & service projects that have the potential for
near-term positive cash flow. The company is presently reviewing a
number of new natural resource properties that are near to, or in
production, located in North, South and Latin America. Multiple
oilfield service projects are currently under active development.
Double Crown Resources, Inc., originally founded in 2006, is based
in Henderson, NV.
Neither this press release nor any related calls or discussions
constitutes an offer to sell, or the solicitation of an offer to
buy, any securities.
Forward-Looking Statements
You should not place undue reliance on forward-looking
statements in this press release. This press release contains
forward-looking statements that involve risks and uncertainties.
Words such as "will," "anticipates," "believes," "plans," "goal,"
"expects," "future," "intends," and similar expressions are used to
identify these forward-looking statements. Actual results could
differ materially from those anticipated in these forward-looking
statements for many reasons, including the risks we face as
described in this press release. For further information about
Double Crown Resources, Inc., please refer to its website
at http://www.doublecrownresources.com/.
Double Crown Resources, Inc.Jerold S. Drew, CEO & Chairman
of the Board10120 S. Eastern Ave. Suite 200Henderson, Nevada
89052Phone: (707)
961-6016Email: info@doublecrownresources.com