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Posted On: 04/21/2022 7:57:32 PM
Post# of 13192
Link to lawsuit filed mentioned in recent 10-K filed?
Anyone have a link to the lawsuit filed over the medi-ri permit denial and appeal? 10-K refers to a lawsuit filed by a someone against the company.
https://www.otcmarkets.com/filing/html?id=157...HTM_ab_003
Page 10
Recently, disgruntled shareholders have filed a derivative suit which has been dismissed against the Company but such actions could complicate our ability to secure financing. Specifically, our Rhode Island waste to energy project is being operated through our subsidiary holding, MedRecycler-RI, Inc. and this action could potentially harm our negotiating position with certain authorities that are required to approve the permanent financing for the project. In addition, a former executive of the Company contacted authorities approving the project, availing their potential legal actions to the negotiation process. He has since filed suit. These threated and ongoing legal actions could require the Company to provide additional security or to seek alternative means of financing the project altogether that could necessitate a change in the capital structure of the Subsidiary to allow for the placement of permanent financing.
Must be peeved about the wasting millions on ordering equipment from South Africa and more than a half a million on lease rent without having all final permits.
101 business. Can't happen.
Do your own due diligence
imho
cheers
Anyone have a link to the lawsuit filed over the medi-ri permit denial and appeal? 10-K refers to a lawsuit filed by a someone against the company.
https://www.otcmarkets.com/filing/html?id=157...HTM_ab_003
Page 10
Recently, disgruntled shareholders have filed a derivative suit which has been dismissed against the Company but such actions could complicate our ability to secure financing. Specifically, our Rhode Island waste to energy project is being operated through our subsidiary holding, MedRecycler-RI, Inc. and this action could potentially harm our negotiating position with certain authorities that are required to approve the permanent financing for the project. In addition, a former executive of the Company contacted authorities approving the project, availing their potential legal actions to the negotiation process. He has since filed suit. These threated and ongoing legal actions could require the Company to provide additional security or to seek alternative means of financing the project altogether that could necessitate a change in the capital structure of the Subsidiary to allow for the placement of permanent financing.
Must be peeved about the wasting millions on ordering equipment from South Africa and more than a half a million on lease rent without having all final permits.
101 business. Can't happen.
Do your own due diligence
imho
cheers
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