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Securities Contract

Miami, FL: (Oct-04-07) A lawsuit was filed by Hark Vasa, the majority shareholder of Pacific Decision Sciences Corp., against Applied Digital, who acquired Pacific Decision, alleging that the company breached contract and the implied covenant of good faith and fair dealing. Vasa claimed that there was a delay in the registration of shares received in Applied Digital's acquisition of Pacific Decision Sciences.

The suit against the Delray Beach-based identification and security technology firm reached a settlement in which it agreed to issue $2.1 million in stock to Vasa. Vasa had sought damages related to the supposed delay in the registration of shares received in the acquisition of Pacific Decision. In a filing with the Securities and Exchange Commission, Applied Digital further agreed to fund a business development project with Vasa, providing $250,000 a year for three years beginning in 2007. The company said it would fund up to an additional $50,000 a year for three years to cover certain expenses. [SOUTH FLORIDA BUSINESS JOURNAL: SECURITIES CONTRACT]

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Published on Oct-6-07


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