Vancouver, BC – Telecure Technologies Inc. (CSE: TELE) (FSE: 6MZ) (the “Company” or “Telecure”) today announced that a lawsuit filed against it by its wholly-owned subsidiary, MyApps Corp. (“Myapps”), at the direction of certain former directors and officers of the Company, was dismissed by a U.S. Federal Court in Florida without a hearing. In dismissing the lawsuit, the Court accepted a motion put forward by MyApps’ rightful legal counsel and ordered the termination of all other pending motions and the closure of the case.
Former directors of MyApps undertook this legal action purportedly as, and on behalf of, MyApps. However, as the filings in the lawsuit made clear, these individuals had no control over MyApps, nor any standing to commence a lawsuit on behalf of MyApps. As the filings also made clear, the individuals were not directors, nor even shareholders, of MyApps at the time the lawsuit was filed nor at anytime thereafter. Beyond the impropriety of the lawsuit on standing and authorization grounds, the attempted claims were also squarely contradicted by the parties’ clear-cut transactional documents relating to Telecure’s acquisition of all of the outstanding shares of MyApps. The Company intends to take appropriate legal action against the individuals that orchestrated the claim. The Company is also carefully examining its legal options with respect to Lowndes, Drosdick, Doster, Kantor & Reed, P.A., the Florida law firm that filed the lawsuit in the name of MyApps.
Having re-established its control over MyApps and clarified its relationship with MyApps’ financial institution, the Company has turned its attention to examining the state of its affairs, most pertinently in respect of the cash holdings in its U.S. bank account. The Company learned through court filings made by certain former directors of MyApps that they – acting on behalf of MyApps without authority – wrongly caused the Company’s CFO to be withdrawn as a signing authority to the bank account. The Company has further recently learned that the approximately US $500,000 which was in the account prior to the CFO’s removal as a signing authority, is no longer there. The Company is working with legal counsel to identify precisely what happened to these funds.
About Telecure Technologies Inc.
Telecure is a U.S. focused health IT company that specializes in using technology to make healthcare more accessible and efficient. Telecure offers customized solutions for telemedicine needs. Through an acquisition strategy and unique customization capabilities, Telecure is focused on advancing its patient and user base. The Company provides a complete telemedicine solution via its platforms CallingDr™ and FindingDr™.
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business and future of the Company’s business and plans. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward- looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the contents of this news release.