Former directors of MyApps undertook this legal action purportedly as, and on behalf of, MyApps. However, as the filings in the lawsuit made clear, these individuals had no control over MyApps, nor any standing to commence a lawsuit on behalf of MyApps. As the filings also made clear, the individuals were not directors, nor even shareholders, of MyApps at the time the lawsuit was filed nor at anytime thereafter. Beyond the impropriety of the lawsuit on standing and authorization grounds, the attempted claims were also squarely contradicted by the parties' clear-cut transactional documents relating to
Having re-established its control over MyApps and clarified its relationship with MyApps' financial institution, the Company has turned its attention to examining the state of its affairs, most pertinently in respect of the cash holdings in its
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Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable securities laws relating to statements regarding the Company's business and future of the Company's business and plans. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward- looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported.
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