SOURCE: Perihelion Global

May 02, 2008 18:58 ET

Perihelion Global Provides Corporate Update; Retains Additional Counsel

WILMINGTON, DE and SANTA ROSA BEACH, FL--(Marketwire - May 2, 2008) - Perihelion Global (PINKSHEETS: PHGI), a development company with interests in natural resources, alternative energies, and advanced communications, today announced an update on the Company's pending litigation with its former attorneys.

Perihelion has retained prominent Montgomery, Alabama-based attorney Julian McPhillips, of McPhillips Shinbaum, LLP to represent the Company in the previously outlined dispute with Burr and Forman, LLC. McPhillips prepared a strong answer and counterclaim against Burr and Forman together with a motion to change venue to Pensacola, Florida. McPhillips has advised Perihelion that he believes Perihelion has a strong defense and a meritorious counterclaim and that it should not be unduly apprehensive about any litigation.

However, McPhillips sent a draft copy of his defense and countersuit to Burr and Forman and has ended up reaching an agreement with Burr and Forman to extend the time to file responsive pleadings to Friday, May 16, 2008. The purpose of the extension is to give both McPhillips and Burr and Forman additional time to attempt to negotiate a resolution of the issues.

The Company will provide additional updates as warranted.

About Perihelion Global:

Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.

Website: http://www.perihelionglobal.com

Caution Regarding Forward-Looking Statements

This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

--  General economic conditions, either nationally or in our market area,
    that are worse than expected;
    
--  regulatory and legislative actions or decisions that adversely affect
    our business plans or operations;
    
--  price competition;
    
--  inflation and changes in the securities markets that adversely affect
    the fair value of our operations; and
    
--  changes in our organization, compensation and benefit plans.
    

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information

  • Contacts:
    John H. Beebe
    Chairman, Chief Executive Officer & President
    866-748-7610 (Toll Free)