Claim against Synchronica
Synchronica plc
Claim against Synchronica
ROYAL TUNBRIDGE WELLS, UNITED KINGDOM---Synchronica plc ("Synchronica" or "the Company") (AIM:SYNC; TSX VENTURE:SYN) the international provider of push email, instant messaging and social networking services, announces that a claim (the "Claim"), from Anupam (Ben) Banerjee and EQ2IQ Consulting Limited, has been filed against the Company in the Canadian courts. The plaintiffs in this action claim that they are entitled to payment of a commission arising from the sale of iseemedia, as well as certain other payments.
Synchronica has taken advice from its corporate lawyers and believes the Claim has little merit and will be defended vigorously.
The Claim relates to agreements entered into by iseemedia Inc. in May of 2010, prior to Synchronica's acquisition of that company. The possibility that a finder's fee would be payable in connection with Synchronica's acquisition of iseemedia Inc. ("iseemedia") was disclosed in the Canadian take-over bid circular prepared and filed by Synchronica for its offer to acquire iseemedia.
The Claim is for damages of approximately CDN $ 1.16m, plus punitive and other damages and costs of CND $100k. Synchronica has engaged counsel to represent it in defending against this Claim, as has iseemedia. In its defense against the Claim, Synchronica will assert, among other things, that it is not a party to the agreements in question. In the statement of defense filed by iseemedia with the advice of counsel in respect of the Claim, iseemedia has asserted (among other things) that the agreements were entered into under false pretenses and are therefore void, that in the course of their service to iseemedia the plaintiffs breached their fiduciary duty to iseemedia, and that the compensation claimed by the plaintiffs exceeds the amounts permitted to be paid under the policies of the TSX Venture Exchange (where iseemedia was listed, and Synchronica is now listed). Furthermore, iseemedia has asserted that if any compensation is due to the plaintiffs, it has been calculated incorrectly and in a manner that leads to a claim for a grossly exaggerated amount, and that any such compensation can be paid in shares at the sole option of iseemedia.
Enquiries:
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Synchronica plc
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Carsten Brinkschulte, CEO Angus Dent, CFO Nicole Meissner, COO |
+44 (0) 7977 256 406 +44 (0) 7977 256 347 +44 (0) 7977 256 412 |
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iseemedia Inc. |
David Berman, CFO |
+1 905 761 5293 |
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finnCap |
Clive Carver , Nomad Charlotte Stranner, Corporate Finance Stephen Norcross, Corporate Broker |
+44 (0) 20 7600 1658 +44 (0) 20 7600 1658 +44 (0) 20 3207 3211 |
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Walbrook PR Ltd
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Paul Cornelius
Helen Westaway |
+44 (0) 20 7933 8794 paul.cornelius@walbrookpr.com helen.westaway@walbrookpr.com
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About Synchronica plc
Synchronica plc is a leading developer of next-generation mobile messaging solutions based on open industry standards. The award-winning product portfolio includes the flagship product Mobile Gateway, providing push Email, synchronization, instant messaging (IM), backup and restore, and mobile connectivity to social networks. Synchronica's products are white-labelled and offered by mobile operators and device manufacturers in emerging and developed markets to provide mass market messaging services, increasing data revenues and reducing churn.
Synchronica Mobile Gateway provides a unique multi-protocol gateway combining Push IMAP, SyncML, ActiveSync, Email-to-MMS, and Email-to-SMS, delivering messaging services to literally any mobile phone currently in the market without requiring an additional client to be downloaded. Expanding instant messaging to mobile devices, Mobile Gateway establishes carrier-branded IM communities, using the industry standard XMPP and provides gateways to popular internet IM communities, connecting any IMPS-enabled handset.
Headquartered in England, Synchronica also maintains development centres in Germany and the Philippines in addition to a regional presence in the USA, Hong Kong, Madrid and Dubai. Synchronica plc is a public company traded on the AIM list of the London Stock Exchange (SYNC.L). For further information, please visit www.synchronica.com.
Forward-Looking Statements: This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Synchronica's business and the environment in which those businesses operate. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to either Synchronica or its management. The forward-looking statements are not historical facts, but reflect Synchronica's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed in Section 8 (under the heading "Risk Factors Related to the Offer") of the Circular contained in the take-over bid circular dated July 22, 2010 filed with respect to the take-over bid by Synchronica for the shares and warrants of iseemedia filed at www.sedar.com, as amended pursuant to related notices filed at www.sedar.com. Synchronica assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This information is provided by RNS
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