Pure’s only business appears to be litigation and contrived press releases – a business benefiting its officers, insiders and their acolytes through a process known as
Paris, France (PRWEB) November 7, 2005
Nickel Ltd today announced that it has received confirmation from the Ministry of Justice of perfected service under the Hague Convention of the first of two lawsuits it was asserting against Pure Bioscience(OTC:BB PURE) before the French Tribunal de Commerce in Paris.
Attorneys representing Nickel stated :
“This lawsuit is the the product of Pure’s alleged wrongful intentions from the outset of the relationship. Evidence will show that Pure’s only purpose for signing the contracts with Nickel was to buttress its stock through news releases. In fact, news and information leaks during the negotiations, reportedly by Pure, produced a substantial increase in Pure’s quotation saving it at least for a time from a NASDQ delisting.
Pure’s SEC filings and subsequent Press Releases, confirm that Nickel fully performed the contracts, while Pure has yet to perform a any of its obligations – see 10QSB 17 March, 2003 and 10QSB 16 June 2003.
Semantics and disingenuous commentary in official releases appear to be Pure’s calling in trade. For example, Pure stated : “In fact, no judgment of claims by … Nickel has ever been entered anywhere…”. A play on the translation of the French word “Ordonnance”. The issue of jurisdiction was heavily contested by Pure, and the French judge ruled on March 25, 2005 against Pure (i) granting that French Courts had exclusive jurisdiction, and (ii) granting leave to proceed on an expedited basis. Such leave is generally granted only when a case justifies preferential treatment.
Pure similarly reported in its recent SEC filing “We have also succeeded in France in that four previous suits filed by Nickel have been dismissed by the French courts in favor of Pure.” In fact however, there has never been a lawsuit brought by Nickel against PURE which was dismissed by a French or other Court.
Pure has also disingenuously stated in SEC filings that Nickel defaulted in payment for a delivery. Nickel and transport records, show however that Pure delivered, several months late, 32 barrels of some unspecified solution. Pure refused to certify the solution as Axen 30 because the shipment and delivery occurred before US EPA approval had been secured. Nickel rejected the merchandise which was abandoned by Pure and subsequently destroyed. The Certificate of Conformity was required under Nickel's order.
Pure’s seeming willingness to purposefully endorse misstatements in public filings and press releases speaks of the weight to be awarded its statement and arguably of the integrity of its spokespersons.”
A Nickel Spokesman added :
“Pure’s only business appears to be litigation and contrived press releases – a business benefiting its officers, insiders and their acolytes through a process known as “pump and dump”.
Nickel, stated that its aggregate claims against Pure, which include allegations for (i) breaches of Nickel’s exclusive rights to commercialize Axen, an Axenohl derivative, (ii) breaches of PURE’s unqualified worldwide agreement not to compete directly or indirectly with Nickel (iii) breaches of Pure’s fiduciary responsibilities in the management of a joint venture, and (iv) other direct contract claims, exceed € 38.500.000,00 ($ 46.500.000,00) in direct contract claims, and that amount again in other damages.
Under one of the three contracts, Pure is also liable to deliver to Nickel or its assign nearly 800.000 shares of Pure common stock.
Attorneys for Nickel continued :
“The stand alone character of all three contracts being litigated was adjudicated by US District Judge M. James Lorenz, in San Diego enabling the initiatiation of Nickel's different and independent lawsuits.
Pure is specifically prohibited from any direct or indirect competing activity worldwide, and required to make annual minimum purchases of some $ 15 million, and meet development objectives in the United States all of which it has refused to perform – Pure has admited its obligations in its SEC filings and Press Releases.”
Nickel is obligated to Falken Industries Ltd for € 8,800, 000.00 ( $ 10,736,000.00) for damages resulting from its inability to deliver under a supply agreement with Falken. Nickel maintained that its default was the direct consequence of Pure’s refusal or inability to deliver to it.
Attorneys for Nickel concluded :
“As a result of its callous disregard for veracity, Pure, certain of its officers and independent agents independently and collectively reportedly now face the forthcoming initiation of a multitude of additional and separate lawsuits seeking millions in damages. The suits will be brought in France based on libel per se, defamation, and similar torts and jurisdiction is properly asserted under Art. 14 of the French Civil Code."
About Nickel Ltd
Nickel Ltd is an investor in intellectual properties, product engineering and marketing.
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made, to the extent relevant, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.