SCOTTSDALE, AZ and CALGARY, AB, Oct. 24, 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 its agreed-to proportional share of the RDX common stock to which GEM believed it was contractually entitled in the original transaction and which formed the basis of its suit. The Company will seek damages from the non-settling parties.
"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." Dennis M. Danzik, Chief Executive Officer of RDX, stated. "In light of the facts examined over the last year, it was an error for RDX to contemplate a separate lawsuit against GEM and its principals, and it was an error for RDX to launch its news release of May 1, 2013, which is hereby retracted. If RDX were to do it over again, we would have sought counsel from GEM, and avoided what was a protracted lawsuit."
"RDX and I are pleased that this dispute is settled and that we have GEM as a shareholder and source of potentially helpful information in our legal actions as a Plaintiff in Alberta, Canada."
Edward Tobin, Partner at GEM stated, "Since the outset GEM has always wanted to work with RDX directly. We have always seen RDX as the right operator for the Carthage Refinery. GEM and I 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]