PARIS FRANCE (PRWEB) January 4, 2006
NICKEL LTD – today announced that it had filed an Arbitration proceeding with the American Arbitration Association - International Division in New York against PURE BIOSCIENCE (Formerly INNOVATIVE MEDICAL SERVICES "IMS"). The proceeding will be conducted in Stockholm, Sweden. The complaint brought under an Umbrella Agreement signed between the parties, seeks declaratory judgments against PURE, declaring :
1. that Nickel has fully performed under the contract, and is entitled to delivery by Pure of 5% of its fully diluted outstanding shares in registered freely tradable shares at a price of $0.0001 per share.
2. that Nickel has, under Article VII of the Umbrella Agreement the exclusive right to use and develop for sale the Axen product in Europe, the United States, Mexico, and Canada, in disinfectant, sanitation, and cleansing products and to receive an accounting and remittance of 15% for any direct sales by Pure.
3. that under the Umbrella Agreement, arbitration in Sweden, is the sole authorized forum for the adjudication of any claim.
4. that Sections 10.19 and Section 10.20 of the Umbrella Agreement are valid and enforceable obligations of the parties and consequently, that PURE is obligated to the payment of all costs and attorney’s fees incurred by Nickel in relation to all proceedings brought by, or necessitated by Pure in the US.
5. that all incidental and direct costs and damages of the this action including all attorneys fees are the direct obligation of and to be paid by Pure.
Attorneys for Nickel stated :
“Pure Press Releases and SEC filings, indicate that Pure has entered into agreements with CIBA, Therapeutics, Envirodine, EnvirOx L.L.C, Wallmart, Home Depot and other companies to exploit Axen, an exploitation reserved to Nickel under contract. Pure has also, brought actions in the United States against Nickel and / or its representatives, officers, agents, suppliers etc as for which it is under contract, liable to pay all costs and attorney fees. Lastly, on March 11, 2003 Pure’s failed to deliver to Nickel the 5% of its outstanding freely tradable common shares as it was contractually obligated to do."
Pure’s admission of its multi-million dollar contractual liability to Nickel appears in SEC filings – see 10QSB 17 March, 2003 and 10QSB 16 June 2003.
This Arbitration proceeding is the third action brought against PURE. Two prior ongoing suits seek direct contractual damages exceeding $ 47 million.
ABOUT NICKEL LTD
Nickel Ltd is an investor in intellectual properties, product engineering and marketing.
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