SOURCE: Savoy Energy Corporation

March 26, 2010 13:04 ET

Savoy Energy Corporation Comments on Lawsuit

HOUSTON, TX--(Marketwire - March 26, 2010) -  It has come to the attention of Savoy Energy Corporation (OTCBB: SNVP) (the "Company") that a lawsuit has been filed against the Company by Panos Industries, LLC ("Panos") seeking recovery of approximately $150,000 which Panos claims was allegedly advanced to the Company. At this time, the Company has not seen nor has been served with the lawsuit and is unaware of any specific allegations contained in it. 

Under any circumstances, the Company specifically denies that it is indebted to Panos and believes that any claims purportedly asserted in the lawsuit are without merit. The Company further believes that it has meritorious claims against Panos which arose in connection with the merger of the Company's predecessor with Plantation Exploration, Inc. and in connection with the aftermath of the merger.

The Company intends to vigorously defend any claims asserted by Panos and to aggressively prosecute its claims against Panos.

Contact Information

  • Contact:

    For Savoy Energy Corporation
    Law Offices of Robert L. B. Diener
    (310) 396-1691
    Email Contact