SOURCE: Far East Ventures Trading Company

December 05, 2007 15:25 ET

Far East Ventures Trading Company Announced Today That It Commenced Arbitration With the "AAA" Against Four Former Consultants That Were Prepaid in Excess of $4,000,000.00 for Services Which Were Never Provided to the Company

LAS VEGAS, NV--(Marketwire - December 5, 2007) - Far East Ventures Trading Company (PINKSHEETS: NICO) announced today that it commenced arbitration with the "AAA" against four former consultants that were prepaid in excess of $4,000,000.00 for services which were never provided to the company.

"The Company prepaid certain consultants to provide services that former management knew were never going to be performed," commented Steven G. Trapp, President of Far East Ventures Trading Company. "The Arbitration asks for the arbitrator to determine the monetary damages that the co-respondents are to be held liable for and to sign an order for the specific performance of each respondent to buy back the shares of stock that they sold into the open market after they were issued to them pursuant to an S-8 registration and return them to the company."

The Arbitration has also named a former president of the company and the Board of Directors has already determined to cancel and return 1,011,700 common shares that were issued to acquire Churchill Resources, Inc. -- a transaction in which the former President and owner of Churchill never delivered the common shares of the acquired company.

"As stated previously, Far East is in the process of bringing its filings current and will look to acquire an operating company that can generate a beginning return on common equity of 20% or better for its shareholders. The following companies were acquired via reverse acquisitions: Billabong International Ltd., traded OTC; TZOO, Inc., listed on the Nasdaq GS; China Automotive, Inc., listed on the Nasdaq CM; and Yasheng Group Ltd., traded OTC," stated Steven G. Trapp, President of Far East Ventures Trading Company.

Sappi Ltd., listed on the NYSE, traded on the OTC BB as a non-Reporting ADR during the mid-to-late 90s before becoming fully reporting and listing its shares on the New York Stock Exchange.

Certain statements in this news release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Far East Ventures Trading Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements include, but are not limited to, (i) statements concerning future financial condition and operations, including future cash flows, revenues, gross margins, earnings and variations in quarterly results and (ii) other statements identified by words such as "may," "will," "should," "could," "might," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "forecasts," "intends," "potential," "continue," and similar words or phrases.

Contact Information

  • Contact Information:

    Steven G. Trapp
    President
    (702) 254-0069
    Email Contact