LAWSUITS NEWS & LEGAL INFORMATION
CyPlus Corporation
Salt Lake City, UT: (Jul-24-07) Winnemucca Chemicals, a wholly owned subsidiary of Nevada Chemicals, brought a lawsuit against Degussa Corporation over its purported transfer of its joint venture interest to CyPlus Corporation. The suit was seeking commission payments owed to Cyanco under a prior distribution agreement between Cyanco and Degussa Corporation. The litigation sought, among other things, to void such transfer, or alternatively, to enforce Winnemucca Chemicals' right under the Joint Venture Agreement arising out of the transfer.
In a settlement reached, CyPlus is allowed to maintain ownership of Degussa Corporation's 50% ownership interest in Cyanco. Winnemucca Chemicals was granted the right of first refusal in the transferred assets, and requires that CyPlus pay Winnemucca Chemicals $581,000, which includes legal costs incurred by Winnemucca Chemicals. CyPlus also paid Winnemucca Chemicals $128,000 in December 2006, related to its claims to recover commissions under the distribution agreement, which also included legal fees incurred by Winnemucca Chemicals. [BUSINESS WIRE: JOINT VENTURE]
Published on Jul-25-07
In a settlement reached, CyPlus is allowed to maintain ownership of Degussa Corporation's 50% ownership interest in Cyanco. Winnemucca Chemicals was granted the right of first refusal in the transferred assets, and requires that CyPlus pay Winnemucca Chemicals $581,000, which includes legal costs incurred by Winnemucca Chemicals. CyPlus also paid Winnemucca Chemicals $128,000 in December 2006, related to its claims to recover commissions under the distribution agreement, which also included legal fees incurred by Winnemucca Chemicals. [BUSINESS WIRE: JOINT VENTURE]
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