SOURCE: The Amergence Group

The Amergence Group

October 11, 2010 16:10 ET

Amergence Settles Long-Standing Legal Action

PHOENIX, AZ and HONG KONG--(Marketwire - October 11, 2010) -  The Amergence Group (PINKSHEETS: AMNG), a company that focuses on developing, nurturing, and rapidly expanding selected emerging or "disruptive" companies across a wide range of industries and disciplines, announced today that it has settled a long-standing legal action brought against it from one of the company's early investors and one of its former counsels -- David L. Kahn. The Company and Mr. David L. Kahn have agreed to settle their respective disputes which were filed and pending in The Superior Court of California in Fresno.

The details of the settlement will be disclosed at a later date, but Peter Jacobs, Amergence's president stated, "I can't be happier that Mr. Kahn and the Company have reached a fair settlement." In addition, this settlement has eliminated more than $330,000 of Amergence liabilities. 

Mr. Kahn said, "For a time, this multi-year court action had been quite contentious, but now I am absolutely elated that we've reached a fair settlement."

ABOUT THE AMERGENCE GROUP

The Amergence Group (PINKSHEETS: AMNG) provides valuable advice and support to new businesses with its goal of accelerating their intended plans to introduce edgy, disruptive, and/or innovative technologies to the world market. The Company's 8-year-old Tranzbyte division continues to focus on the development and marketing of its innovative group of optical media enhancement technologies worldwide such as FLASHAlbum, a technology which enables distributors of optic disc media (CDs and DVDs) to combine the best features of both on one USB flash drive.

NOTES ABOUT FORWARD-LOOKING STATEMENTS

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.

Contact Information

  • Company and Contact:
    Peter H. Jacobs
    Managing Director
    md@amergencegroup.com
    14220 N. Northsight Blvd., Suite 139
    Scottsdale, AZ 85260
    (480) 443-1600