Syndication Inc.'s Marshall Jr., COB & President of Sentinel Renewable Energies S.C., to Renegotiate Employment Contract; Compan
July 06 2010 - 3:05PM
Syndication Inc. (Pink Sheets:SYNJ) reports that McCutcheon
Marshall Jr., President and Chairman of the Board, 20% owner and
principal architect of our Sentinel Renewable Energies S.C.
(SRE.S.C. Inc.), bio-diesel manufacturing project, notified
Syndication Inc., the Parent Company, that he wants to renegotiate
the terms of his employment contract. The Board's of Syndication
Inc. and SRE S.C. authorized the CEO, Brian Sorrentino to consider
the terms of Mr. Marshall's proposal in an effort to craft a final
employment arrangement. Mr. Marshall Jr. started with the Company
under the terms of his original employment agreement executed on
May 19th, 2009 and has been the point man on the development of our
bio-diesel manufacturing facility in South Carolina for SRE S.C.
His office has been principally responsible for the overall
development activities, time lines, strategies and key contract
negotiations for SRE S.C., including introducing the company to
Peter Katzburg whom under his watch, ultimately became the CFO for
the project.
On Friday the 2nd of July a court of competent jurisdiction
granted the Company's request to freeze an escrow account holding
$592,000 of the Company's money that was to be used for interest
expenses and various closing fees associated to a $5
million credit instrument. The $5 million financing
package was brought to the Company by Peter Katzburg, the CFO. He
recommended, signed and promoted the arrangement to the Board of
Directors. The international banking arrangement is being issued by
HSBC Bank, London. Mr. Katzburg was solely responsible for
personally endorsing, developing and aggressively encouraging the
Board of Directors to agree to the transaction. Later understanding
of the transaction and for reasons related to the differences of
interpretation on terms and functionality, the Company filed a
request with the court to freeze the escrow account until such
issues are decided by the court. It is the position of the Board
that the decision of the Judge to grant our request is a testament
to the legitimacy of our claims. It is the position of the
Board that these issues should find a resolution in due
time.
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products, which we may not produce today and
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in pervasive markets.
New Contact Information; Syndication Inc, Brian Sorrentino Phone
# 888-422-5515
For all mail correspondence; Box 503, Damascus, MD 20872
CONTACT: Syndication Inc.
Brian Sorrentino
888-422-5515
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