ITEM 8.01 OTHER EVENTS.
COMPANY FILES ITS REPLY MEMORIAL IN SUPPORT OF ITS APPLICATION FOR
ANNULMENT
On November 23, 2012, the Company submitted its Reply Memorial in Support
of its Application for Annulment ("Reply Memorial") to the International
Centre for Settlement of Investment Disputes ("ICSID"). The Reply
Memorial was due under the schedule set by the three-member panel ad hoc
Committee that ICSID assigned to hear the Application for Annulment
submitted by the Company and its affiliate on July 11, 2011. A full text
of the November 23, 2012 Reply Memorial will be posted on the Company's
website (www.commercegroupcorp.com).
Under the current scheduling, El Salvador's Rejoinder is due on December
28, 2012. A hearing on the Application for Annulment has been scheduled
for February 11-12, 2013. On October 25, 2012, ICSID issued another
"call for funds" requiring the Company to advance another $150,000 toward
the cost of the annulment proceedings.
For additional information about the Company's claims against the
Government of El Salvador, reference is made to the Company's 8-Ks that
were filed with the Securities and Exchange Commission on March 18, 2009,
July 2, 2009, July 2, 2010, August 19, 2010, September 17, 2010, March
15, 2011, July 14, 2011, November 21, 2011, December 20, 2011, June 22,
2012, July 16, 2012, July 24, 2012 and October 23, 2012.
2
FORWARD-LOOKING STATEMENTS
Certain statements in this release, and other written or oral statements
made by the Company, including the use of the words "expect,"
"anticipate," "estimate," "project," "forecast," "outlook," "target,"
"objective," "plan," "goal," "pursue," "on track," and similar
expressions, are "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 are
subject to known and unknown risks, uncertainties and other factors that
may cause actual results, performance, or achievements of the Company to
be different from those expressed or implied. The Company assumes no
obligation and does not intend to update these forward-looking
statements. Among the important factors that could cause actual results
to differ materially from those indicated by such forward-looking
statements include, without limitation: competitive and general economic
conditions, adverse effects of litigation, the timely development and
acceptance of services, significant changes in the competitive
environment, the failure to generate or the loss of significant numbers
of customers, the loss of senior management, increased government
regulation or the Company's failure to integrate its acquired companies
to achieve the synergies and efficiencies described in the "Management's
Discussion and Analysis" section of the Company's Form 10-K and other
reports and filings with the Securities and Exchange Commission (SEC),
which may be revised or supplemented in subsequent reports on SEC Forms
10-Q and 8-K.