LOS ANGELES, CA--(Marketwired - Feb 13, 2014) - The Independent Film Development Corporation (IFLM), with a plan of operations to develop themed resorts and be a sales / distribution agent for digital films, announced today that it has prevailed in its lawsuit against Junior Capital, Inc. and IBacking Corp.
"This is great for IFLM," said Chief Operating Officer Jeff Ritchie. "It took about a year, but I feel like we've been vindicated."
The decision, rendered February 7, 2014 by the Central District Federal Court in Los Angeles in Case No. SA CV 13-00259-BRO, awards IFLM $203,284.56 in compensatory damages for the 5,015,384 shares of common stock (computed at contract face value) that Junior Capital sold on the open market in 2012, resulting in the decline in IFLM's common stock from $0.38 to less than $.01 per share.
"This is really nice to put this behind us," said IFLM CEO David Garland. "This will significantly improve our balance sheet and enable us to move forward with the focused execution of our business plan."
The decision also cancels shares remaining in the name of Junior Capital, $473,000 in convertible debentures to Junior Capital, and a $500,000 Purchase Agreement between IFLM and IBacking Corp. The Court also found that both defendants Junior Capital, Inc. and IBacking Corp. are corporate alter-egos of Defendant Albert Aimers.
About Independent Film Development Corp.
Based in Los Angeles California, Independent Film Development Corporation has developed a business plan of operations of developing genre themed studio style resorts, film sales and distribution, film development, and an Internet social networking and resourcing website, for independent film and television development, production, and distribution.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.