EQCO2, Inc. (CLNO) CEO, Billy Barnwell, One of Defendants in
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Crown Equity Holdings Inc. (CRWE) / Mike Zaman vs. EQCO2, Inc. (CLNO) / Billy Barnwell, Shad Sullivan, and Arnold F. Sock
Billy Barnwell , CEO of EQCO2, Inc. (CLNO) has been named as one of defendants in a lawsuit that alleges fraud and misrepresentation among the complaints.
The lawsuit was filed on August 30, 2013 by attorney Anthony M. Santos, Esq. in Clark County, Nevada.
On the same day an 8-K was filed by EQCO2, Inc. (CLNO) in a power play that would create a change of control of the company giving Billy Barnwell 93.77% voting control.
Some of the issues addressed in the 8-K:
- Billy Barnwell receiving 500,000 shares of Preferred Stock Series B (giving him 93.77% voting control)
Plaintiffs Crown Equity Holdings, Inc. (CRWE), a Nevada Corporation and ZAMAN & Co, a Nevada Corporation , bring this complaint (1) in their respective individual capacities; and (2) derivatively, as shareholders of nominal-Defendant EQCO2, INC. (CLNO) (F/K/A CLEANTECH TRANSIT, INC.) a Nevada Corporation, against Defendants DISCOVERY CARBON ENVIRONMENTAL SECURITIES, INC., a Nevada Corporation and WILLIAM BARNWELL, an Individual.
The Complaint centers on an Exchange Agreement between Plaintiff CROWN, EQCO2, INC. (CLNO) (F/K/A CLEANTECH TRANSIT, INC.) (“CTI”) and Defendant DISCOVERY CARBON ENVIRONMENTAL SECURITIES, INC., a significant controlling stake in CTI in the form of newly issued Series “B” Preferred Shares.
To read the Entire Lawsuit, CLICK HERE ( http://crownequityholdings.com/CRWE_vs_EQCO2.pdf ) with the Case No. A-13-687800-C ( http://crownequityholdings.com/CaseDetail.aspx.htm ).
The Complaint alleges breach of contract, nonperformance, fraud and misrepresentation against the Defendants, the Plaintiffs both individually and a derivative capacity, seek to rescind the Exchange Agreement as a result.
You can find Current SEC Filings at http://crownequityholdings.com/sec_filings.html
Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as the Company or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, such statements in this release that describe the company’s business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include among other things, product price volatility, product demand, market competition, and risk inherent in the operations of a company.
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