December 26, 2016 To Our Shareholders: As you kn
Post# of 166
Posted On: 12/27/2016 11:27:29 PM
December 26, 2016
To Our Shareholders:
As you know, on January 7, 2013, LEEP, Incorporated, filed suit in Jefferson County Circuit Court, Division 2, Louisville, Kentucky, against Outdoor Venture Corporation, James C. Egnew, Kentucky Highlands Development Corporation, Lloyd Ray Moncrief, Kentucky Highlands Investment Corporation, Stearns Manufacturing, and numerous affiliated individuals to recover compensatory and punitive damages for breach of a Non-Disclosure and Non-Circumvention Agreement, fraud, unjust enrichment, breach of fiduciary duties, deceptive business practices, tortuous interference with business relationships, conversion, and theft of business opportunities, among other claims. LEEP, Incorporated has filed a first amended complaint on May 9, 2013, and subsequent second and third amended complaints, with the approval of the Court, citing racketeering, and aiding and abetting charges, among others.
The Company participated in mediation and settlement discussions with the defendants and their insurers, at the direction of the Court, in which several settlement offers were made by the defendants. While the terms of any settlement were agreed upon to remain confidential, we can report to you that LEEP, Inc. accepted the last settlement offer extended by the defendants, and as a result have dismissed the lawsuit against them.
LEEP, Inc. can again focus on the many business opportunities it has in front of it, and move forward with the ability to fulfill orders. The Company will also renew activity to work with an auditor to update its financial reports and focus on becoming current with reporting with the Securities and Exchange Commission. Many new opportunities exist for our products, and we will report to you as we progress.
Management would like to take this opportunity to thank you, our loyal shareholders, for their support and patience during our legal matters. We look forward to the New Year with optimism, and wish each of you safe and happy holidays and a good New Year.
Sincerely,
John Nordstrom
To Our Shareholders:
As you know, on January 7, 2013, LEEP, Incorporated, filed suit in Jefferson County Circuit Court, Division 2, Louisville, Kentucky, against Outdoor Venture Corporation, James C. Egnew, Kentucky Highlands Development Corporation, Lloyd Ray Moncrief, Kentucky Highlands Investment Corporation, Stearns Manufacturing, and numerous affiliated individuals to recover compensatory and punitive damages for breach of a Non-Disclosure and Non-Circumvention Agreement, fraud, unjust enrichment, breach of fiduciary duties, deceptive business practices, tortuous interference with business relationships, conversion, and theft of business opportunities, among other claims. LEEP, Incorporated has filed a first amended complaint on May 9, 2013, and subsequent second and third amended complaints, with the approval of the Court, citing racketeering, and aiding and abetting charges, among others.
The Company participated in mediation and settlement discussions with the defendants and their insurers, at the direction of the Court, in which several settlement offers were made by the defendants. While the terms of any settlement were agreed upon to remain confidential, we can report to you that LEEP, Inc. accepted the last settlement offer extended by the defendants, and as a result have dismissed the lawsuit against them.
LEEP, Inc. can again focus on the many business opportunities it has in front of it, and move forward with the ability to fulfill orders. The Company will also renew activity to work with an auditor to update its financial reports and focus on becoming current with reporting with the Securities and Exchange Commission. Many new opportunities exist for our products, and we will report to you as we progress.
Management would like to take this opportunity to thank you, our loyal shareholders, for their support and patience during our legal matters. We look forward to the New Year with optimism, and wish each of you safe and happy holidays and a good New Year.
Sincerely,
John Nordstrom
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