|
| ||||||||||||||
MediaTechnics Announces Withdrawal From Technology Deal With Amergence Due to Lawsuit PHOENIX, AZ--(MARKET WIRE)--Aug 21, 2008 -- Amergence Group (Other OTC:AMNG.PK - News) received
word on Monday, August 18, 2008, that, because of a lawsuit
filed in
Fresno, California, by its former counsel, Mr. David Kahn,
MediaTechnics
has announced its withdrawal from the technology deal signed
between the
parties in June of this year.
(http://biz.yahoo.com/iw/080610/0405236.html). In response to the decision by MediaTechnics to withdraw, Amergence's president, Peter Jacobs, announced regret over the decision, stating that the deal with MediaTechnics represented a major opportunity for Amergence. However, Mr. Jacobs stated that the Company will continue to focus on its core business involving leading-edge optical media enhancement technology and will continue its efforts to advance its nascent business development enterprise division. The Amergence Group plans to vigorously defend against the lawsuit and has retained local counsel, Mr. William McLaughlin of the firm, McLaughlin Sullivan, LLP of Fresno, California. Describing the lawsuit as "akin to extortion," Amergence's counsel stated that, in addition to responding to the complaint, he intends to file a cross-complaint on behalf of Amergence seeking substantial damages against Mr. Kahn based on his intentional interference with the deal with MediaTechnics. Amergence considers this unforeseen development to reflect a temporary set-back. However, the Company is moving forward with its plan to file updated financial and business information with Pink Sheets so that current information about the Company will be available to the public. ABOUT THE AMERGENCE GROUP The Amergence Group's Tranzbyte division (Other OTC:AMNG.PK - News) focuses on the development and marketing of its group of optical media enhancement technology worldwide. The Company also provides innovative services and assistance to new businesses with a goal toward accelerating their plans to develop and market edgy or disruptive technologies. Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements. Contact: Company and Contact:
Peter H. Jacobs
Managing Director
md@amergencegroup.com
14500 N. Northsight Blvd., Suite 212
Scottsdale, AZ 85260
(480) 443-1600
Source: The Amergence Group
| ||||||||||||||