DENVER, Aug. 4, 2016 /CNW/ -- ID Watchdog, Inc. (TSX VENTURE: IDW) (PINKSHEETS: IDWAF), including it's wholly owned subsidiary Identity Rehab Corporation (the "Company"), provider of consumer-facing identity theft protection and resolution services, today announced that it has reached an agreement to settle litigation pending in the United States District Court.
Effective November 21, 2014, the Company terminated an arrangement in its Tech Support Channel with its primary third-party sales affiliate (the "Sales Affiliate"). On October 10, 2015, the Sales Affiliate initiated a complaint against the Company in the United States District Court for unpaid fees for customer subscription renewals subsequent to termination, as well as a claim for certain pre-termination fees related to an alleged overpayment.
On August 3, 2016, the Company and the Sales Affiliate entered into a settlement agreement, whereby the Company agreed to make a one-time payment to the Sales Affiliate in the amount of $425,000 in return for a full mutual release and a dismissal of the lawsuit within ten days from the date of the settlement agreement.
"We are very pleased to put this matter behind us and to return our full time and attention to serving our customers," said Mike Greene, CEO of the Company.
About ID Watchdog, Inc.
ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.
This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the company's filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ID Watchdog, Inc.
Jay B. Lewis
Chief Financial Officer
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SOURCE ID Watchdog, Inc.