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Post by Franko10 ™ on Jan 30, 2005 21:40:45 GMT -5
GEMM Announces Results of Binding Arbitration With Public Relations Firm
RENO, Nev.--(BUSINESS WIRE)--Sept. 1, 1998--Juina Mining Corp. (OTC BB:GEMM) Tuesday announced the results of binding arbitration in the matter of Robert J. Adsit, Shareholders Solutions, NBI International Ltd. vs. Juina Mining Corp. and Fidelity Transfer Co.
In April 1998 GEMM signed a public relations agreement with Robert J. Adsit ("Adsit"), president of Shareholders Solutions, for a term of one year. Upon signing the agreement, Shareholders Solutions was issued 256,000 restricted shares and 150,000 unrestricted shares as compensation for the term.
The agreement was rescinded by GEMM in May 1998 for non-performance. After GEMM placed a stop transfer order on the unrestricted shares, Shareholders Solutions filed for a restraining order to release the shares to cover for 20,500 shares that it sold into the market and an additional 30,000 shares that it pledged.
In August 1998, Adsit and GEMM agreed to resolve the matter in binding arbitration. In light of the following facts, he and/or his brokerage firm will be responsible to purchase the shares in the market to cover the missing position.
The following is a quote from the Arbitrator appointed by the American Arbitration Association. "Adsit agreed with Juina to promote its stock for a one-year period, but sold (and pledged) unrestricted shares he had received therefor. Such sales took place beginning less than a month after the contract commenced. The sale of such shares conflicted with Adsit's duty to act (with respect to Juina Mining and Juina stock) solely for the benefit of Juina, and not for his own benefit, even if no harm resulted. Colorado law requires the forfeiture of compensation in such circumstances. Moore and Company v. T-A-L-L, Inc. 792 P.2d 794, 800 (Colo. 1990); Jet Courier Service, Inc. v. Mulei, 771 P.2d 486, 500 (Colo. 1989)."
The award was in favor of GEMM. Adsit was ordered to return 256,000 restricted shares and 150,000 unrestricted shares within 15 days of the notification of the award. He was also ordered to pay GEMM a total of $1,682.50 for reimbursement of administrative fees and arbitration compensation and expenses.
The president of GEMM, Noel M. Frenzel, stated, "We are pleased with the results of this matter. We want the investment community to know that we will utilize all legal means possible to protect their investment."
Juina Mining is a diamond resource and exploration company with exclusive rights to a mining and mineral concession on 1,000 hectares (2,471 acres) located in Juina, Mato Grosso, Brazil. Visit the company's Web site at www.juinamining.com.
Except for the historical information contained herein with regards to the plan for commencing plant operations, the matters discussed in this news release contain forward-looking statements, as defined in Section 27(A) of the Securities Act of 1933 and Section 21(E) of the Securities Exchange Act of 1934, as amended. Such forward- looking statements, and information involve risks and uncertainties, including but not limited to, late delivery of vendor supplies, equipment or services that may cause production delays, primary customer order rates, cancellations, and dependence on certain customers of the company's specialized business products. Other certainties related to the company's business and securities which are traded over the counter, are outlined in the information and materials available upon request.
CONTACT: Juina Mining Corp., 702/786-0225
COPYRIGHT 1998 Business Wire
COPYRIGHT 2000 Gale Group
RENO, Nev.--(BUSINESS WIRE)--Sept. 1, 1998--Juina Mining Corp. (OTC BB:GEMM) Tuesday announced the results of binding arbitration in the matter of Robert J. Adsit, Shareholders Solutions, NBI International Ltd. vs. Juina Mining Corp. and Fidelity Transfer Co.
In April 1998 GEMM signed a public relations agreement with Robert J. Adsit ("Adsit"), president of Shareholders Solutions, for a term of one year. Upon signing the agreement, Shareholders Solutions was issued 256,000 restricted shares and 150,000 unrestricted shares as compensation for the term.
The agreement was rescinded by GEMM in May 1998 for non-performance. After GEMM placed a stop transfer order on the unrestricted shares, Shareholders Solutions filed for a restraining order to release the shares to cover for 20,500 shares that it sold into the market and an additional 30,000 shares that it pledged.
In August 1998, Adsit and GEMM agreed to resolve the matter in binding arbitration. In light of the following facts, he and/or his brokerage firm will be responsible to purchase the shares in the market to cover the missing position.
The following is a quote from the Arbitrator appointed by the American Arbitration Association. "Adsit agreed with Juina to promote its stock for a one-year period, but sold (and pledged) unrestricted shares he had received therefor. Such sales took place beginning less than a month after the contract commenced. The sale of such shares conflicted with Adsit's duty to act (with respect to Juina Mining and Juina stock) solely for the benefit of Juina, and not for his own benefit, even if no harm resulted. Colorado law requires the forfeiture of compensation in such circumstances. Moore and Company v. T-A-L-L, Inc. 792 P.2d 794, 800 (Colo. 1990); Jet Courier Service, Inc. v. Mulei, 771 P.2d 486, 500 (Colo. 1989)."
The award was in favor of GEMM. Adsit was ordered to return 256,000 restricted shares and 150,000 unrestricted shares within 15 days of the notification of the award. He was also ordered to pay GEMM a total of $1,682.50 for reimbursement of administrative fees and arbitration compensation and expenses.
The president of GEMM, Noel M. Frenzel, stated, "We are pleased with the results of this matter. We want the investment community to know that we will utilize all legal means possible to protect their investment."
Juina Mining is a diamond resource and exploration company with exclusive rights to a mining and mineral concession on 1,000 hectares (2,471 acres) located in Juina, Mato Grosso, Brazil. Visit the company's Web site at www.juinamining.com.
Except for the historical information contained herein with regards to the plan for commencing plant operations, the matters discussed in this news release contain forward-looking statements, as defined in Section 27(A) of the Securities Act of 1933 and Section 21(E) of the Securities Exchange Act of 1934, as amended. Such forward- looking statements, and information involve risks and uncertainties, including but not limited to, late delivery of vendor supplies, equipment or services that may cause production delays, primary customer order rates, cancellations, and dependence on certain customers of the company's specialized business products. Other certainties related to the company's business and securities which are traded over the counter, are outlined in the information and materials available upon request.
CONTACT: Juina Mining Corp., 702/786-0225
COPYRIGHT 1998 Business Wire
COPYRIGHT 2000 Gale Group
