Lawsuit to name principals of GEM Holdco, Inc.
CALGARY, May 1, 2013 /CNW/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a water treatment and energy technology company, today announced that it has engaged legal counsel to file a lawsuit against Global Emerging Markets NA, Inc. and its subsidiary GEM Holdco Inc. of New York ("GEM") for damages greater than 140 million dollars.
In addition the action names Christopher Brown, claimed CEO of GEM, as well as counterparts, Edward Tobin and Demetrious Diakolios as defendants. GEM has made claims to have an investment fund worth over a billion dollars.
Ridgeline will pursue civil charges including Fraud, Tortious Interference, and additional claims under the Racketeering in Organized Crime Act, which qualifies for treble damages. Ridgeline will also show that GEM attempted to extort cash payments from Ridgeline, and its current CEO, Dennis M Danzik under threats of GEM releasing negative news on Ridgeline via wire services in the U.S. and Canada.
Ridgeline's claims stem from the fact that GEM and the individual defendants represented that they owned and controlled Changing World Technologies, LP ("CWT") and that GEM had made substantial investment in CWT, when in fact GEM was a small minority shareholder in CWT with less than US$ 800,000.00 invested.
Further progress of the legal action by Ridgeline will also show GEM was involved in an attempt to setup a fraudulent investment in CWT, where GEM would purport to invest a total of US$ 4,000,000, but in fact was arranging a fraud, where the investment would be returned to GEM within few days, without the knowledge of the true owner and seller of CWT, which was CWT Enterprises Canada, Inc.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water treatment and energy technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Ker, CEO
"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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
SOURCE: Ridgeline Energy Services Inc.
For further information:
David Waldman at Crescendo Communications
(212) 671-1021 (New York)