Clarification from Frequency Holdings Inc.
Frequency Holdings Inc. (OTC: YCRM) has recently taken a proactive step by issuing a clarification in response to a misleading statement released by Luciano Aguayo, who was implicated in an earlier lawsuit involving ReachOut Technology Corp., once a subsidiary of YCRM. This clarification aims to address various misconceptions and reaffirm the company's legal standing and operational control of its assets.
No Financial Impact on Frequency Holdings
According to YCRM, the judgment mentioned in Aguayo’s statement has no bearing on the company's financial or legal obligations. The company continues to fully own and operate previously reacquired assets, which encompass customer contracts and intellectual property. This clarifies that YCRM's business trajectory remains intact, unaffected by the legal proceedings.
Claims Against Aguayo Still Valid
The legal landscape for Aguayo looks different. Although the previous claims against him, originally pegged at over $9 million, were dismissed without prejudice, they remain enforceable. The rights holders can re-assert these claims at any point. This aspect highlights that while YCRM is free from liability, Aguayo still faces potential legal repercussions.
Understanding the Court's Judgment
Aguayo's prior statements suggested a sense of vindication from the court’s ruling; however, YCRM clarifies that the judgment was merely procedural. The court reached its decision solely due to ReachOut Technology Corp.'s lack of legal representation at the time of the ruling. Consequently, there was no exploration of evidence or factual intricacies during this judgment phase.
Contradictions in Aguayo’s Allegations
Furthermore, YCRM pointed out inconsistencies between Aguayo's claims and official court records. Details reveal that Attorney Matt Nirider, who represented ReachOut, left his firm for an in-house position, leading to a client’s decision to seek alternative legal counsel. The withdrawal was based on a change in attorney rather than any adverse facts pertaining to the case.
Debunking Misleading Claims
YCRM has also countered Aguayo’s reference to an affidavit, claiming it represented sworn testimony. The company asserts that this affidavit is misleading; it originates from a former employee, ultimately terminated for job abandonment and underperformance issues. This individual's credibility may pose challenges in any potential legal proceedings.
Operational Stability of YCRM
In a positive light, YCRM's recent reacquisition of customer contracts and intellectual property in April confirms the company’s solid operational status. The assets are now functioning under a renewed subsidiary, further establishing YCRM’s continuous presence in the market despite the previous lawsuit’s dismissal.
Message from YCRM’s CEO
CEO Rick Jordan commented on the situation, emphasizing, “We’re not going to let misinformation distract from the reality we’ve built. Our clients stayed. Our business is stronger than ever. And anyone trying to rewrite history for their own PR stunt should be careful what they invite.” His remarks underline the resilience of YCRM amidst external pressures.
YCRM’s Commitment to Shareholders
Frequency Holdings reaffirms its commitment to protecting its interests and maintaining active legal remedies. Any future litigation against Aguayo, whether civil or criminal, will be determined by the holder of the rights to the claims in question. YCRM’s unwavering stance provides reassurance to stakeholders regarding the company’s direction.
Frequently Asked Questions
What prompted the clarification from Frequency Holdings Inc.?
The clarification was issued in response to misleading information circulated by Luciano Aguayo, which suggested a positive impact on his legal standing.
How does the court judgment affect YCRM?
The court judgment poses no financial or legal liabilities for Frequency Holdings; the company remains fully operational with its reacquired assets.
What are the implications for Luciano Aguayo?
Although YCRM is not liable, the claims against Aguayo remain enforceable, and he may still face significant financial ramifications.
What changes in legal counsel led to the recent judgment?
The judgment was procedural due to ReachOut Technology Corp.'s lack of legal representation, which was a result of attorney transitions, not factual disputes.
What is the current status of customer contracts for YCRM?
YCRM reacquired all customer contracts and intellectual property, and they operate under a new subsidiary, ensuring business continuity and growth.
