SCOTTSDALE, AZ and CALGARY, AB, Oct. 23, 2014 /CNW/ - RDX Technologies Corporation ("RDX" or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE:RL7), a water treatment and energy technology company, today announced that a legal settlement has been reached between Global Emerging Markets (GEM), and the Company.
The specific settlement terms are confidential, but GEM will receive it's agreed to proportional share of the RDX common stock that GEM thought it was entitled to in the original transaction. The Company has filed a $75MM Federal lawsuit in Alberta seeking damages from the non-settling sellers and former operators of the Carthage renewables refinery.
Dennis M. Danzik, Chief Executive Officer of RDX, stated, "RDX and GEM should not have been at odds in this matter from the beginning and in settlement; both RDX and GEM are now on the same side of the issues born out of RDX purchasing the refinery property located in Carthage, Missouri. After the facts were examined over the last year, it was an error for RDX to contemplate a separate lawsuit or launch our news release of last year. If RDX were to do it over again, we would have sought counsel from GEM, and avoided what was a protracted lawsuit."
"RDX and myself are pleased that this dispute is settled and we have GEM as a shareholder and supporter in our legal actions as a Plaintiff in Alberta."
Edward Tobin, Partner at GEM stated, "Since the outset GEM has always wanted to work with Dennis, and RDX directly. We have always seen RDX as the best operator for the Carthage Refinery. GEM and myself are supporters of RDX, and we have put our differences behind us and look forward to the future."
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
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SOURCE: RDX Technologies Corporation
For further information: David Waldman at Crescendo Communications, (212) 671-1021, [email protected]