SCOTTSDALE, AZ and CALGARY, AB, Oct. 24,
2014 /PRNewswire/ - RDX Technologies Corporation
("RDX" or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE:RL7),
a water treatment and energy technology company, today announced
that a legal settlement has been reached between Global Emerging
Markets (GEM), and the Company.
The specific settlement terms are confidential, but GEM will
receive its agreed-to proportional share of the RDX common stock to
which GEM believed it was contractually entitled in the original
transaction and which formed the basis of its suit. The Company
will seek damages from the non-settling parties.
"RDX and GEM should not have been at odds in this matter from
the beginning, and in settlement, both RDX and GEM are now on the
same side of the issues born out of RDX purchasing the refinery
property located in Carthage,
Missouri." Dennis M. Danzik,
Chief Executive Officer of RDX, stated. "In light of the facts
examined over the last year, it was an error for RDX to contemplate
a separate lawsuit against GEM and its principals, and it was an
error for RDX to launch its news release of May 1, 2013, which is hereby retracted. If RDX
were to do it over again, we would have sought counsel from GEM,
and avoided what was a protracted lawsuit."
"RDX and I are pleased that this dispute is settled and that we
have GEM as a shareholder and source of potentially helpful
information in our legal actions as a Plaintiff in Alberta, Canada."
Edward Tobin, Partner at GEM
stated, "Since the outset GEM has always wanted to work with RDX
directly. We have always seen RDX as the right operator for the
Carthage Refinery. GEM and I are supporters of RDX, and we have put
our differences behind us and look forward to the future."
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
danzikdirect@rdxh2o.com
"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 news release. This news release may contain
forward-looking statements. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Such information is
subject to known and unknown risks, uncertainties and other factors
that could influence actual results or events and cause actual
results or events to differ materially from those stated,
anticipated or implied in the forward- looking information. Readers
are cautioned not to place undue reliance on forward-looking
information, as no assurances can be given as to future results,
levels of activity or achievements."
SOURCE RDX Technologies Corporation