$STLK Wins Key Decision in its $195,400 Arbitration Case
STL Marketing Group, Inc. (OTC: STLK) Wins Key Decision in its $195,400 Arbitration Case
Versant Corporation, a wholly owned subsidiary of STL Marketing Group, Inc. (OTC: STLK) has been notified that it won a key decision in its arbitration case, File No. 0223-2012-CO-AR-CICA . The “Sala Primera de la Corte Suprema de Justicia” or “Sala Primera” rejected the appeal by Grupo Aldesa (Resolution No. 414-F-S1-2013).
Grupo Aldesa, now named Finanzas Corporativas GBA SA , sought to argue that CICA or “ Centro Internacional de Conciliación y Arbitraje de la Cámara de Comercio Costarricense – Norteamericana” did not have jurisdiction over the case. CICA is a complementary resolution mechanism, created by the Costa Rican legislature, which operates within the court system. In a clear and strongly worded opinion, Sala Primera has unanimously rejected Aldesa’s arguments and ruled in favor of CICA being able to handle the case. The Company views this favorably, as CICA is much more expedient in handling cases.
As reported in our public filings, the Company’s subsidiary, Versant Corporation, has alleged that Grupo Aldesa misappropriated investor funds intended for Versant Corporation. These investor funds were wired to Aldesa’s bank account by investors and subsequently were not remitted in full to the Company. This alleged action took place in June 2011 as part of a private placement by Aldesa for Versant’s Preferred Class A shares. The Company is seeking the restitution of $195,400 for the above-mentioned funds, plus the reimbursement of attorney’s expenses, interest and the arbitration costs.
“We feel very confident about the facts of this case. Aldesa specifically requested the contract stipulate that CICA handle any contract disputes and we agreed. The Company initially sought reconciliation at CICA, after negotiations regarding the matter failed between the parties. Unfortunately, Aldesa did not respond to the summons or “apersonarse”, which automatically led us to the arbitration process. We were pleased by the unanimous decision by the magistrates of Sala Primera.
We take this matter very seriously. The Company undertook the arbitration process to make certain that it was very clear to our stakeholders that the Company in no way accepts or condones this type of behavior, nor were we part of the alleged actions by Aldesa. To ensure that all protocols were followed, Versant filed a formal complaint regarding this matter, in mid-2012, with the Federal Bureau of Investigation (FBI) in Colorado, as well as the State Attorney General. We look forward to the final resolution of this matter and we believe that the resolution should be in the Company's favor based on the facts. It is also important to note, that this arbitration case does not affect our ongoing operations , nor our work on the Power Purchase Agreement,” said Jose P. Quiros CEO of STLK.
About STL Marketing Group, Inc./ Versant Corporation
Versant Corporation is a
subsidiary of STL Marketing Group, Inc. and a Colorado based renewable energy
company seeking to develop and operate renewable energy projects. Its first proposed stage of development is
focused on wind energy facilities in Costa Rica. For more information on STLK, please visit
our web site at www.STLmarketingGroup.com .
Media and Investor Relations Contact
STL Marketing Group,
Inc. and Versant Corporation
Phone +1-719-219-5797
info@v3rsant.com
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance , and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
