Orbixa Technologies Suing JitneyTrade and Co-Conspirators for $41,900,000

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2013) - Peter Beck, founder and President of Orbixa Technologies Inc., today announced the commencement of legal proceedings in the Ontario Superior Court of Justice against JitneyTrade Inc., Oscar Ribeiro, Kamal Mansouri and Eidolon Systems Inc.

In addition to seeking an injunction restraining the defendants from using Orbixa's confidential information, Orbixa seeks $38,400,000 in damages for breach of duty of confidentiality, breach of fiduciary duty and conspiracy to damage its economic and contractual interests, as well as $3,000,000 in damages for conversion of its property and a further $500,000 in punitive and exemplary damages.

Mr. Ribeiro was formerly employed by Orbixa. Mr. Mansouri and Eidolon Systems performed technical programming services for Orbixa before allegedly misappropriating multiple elements of Orbixa's intellectual property in order to create a trading software platform called Spire.

JitneyTrade, an IIROC member firm registered with the OSC and AMF, was the Canadian broker for Orbixa's largest client, a multinational day-trading firm previously known as Swift Trade Global Markets. JitneyTrade is alleged to have conspired with the other defendants to misappropriate Orbixa's and its client's confidential information.

Toronto-based Orbixa Technologies supplies leading edge trading technology to clients on a cost-effective basis.