SOURCE: Parafin Corporation

September 13, 2010 09:52 ET

President of Parafin Corporation Initiates Supreme Court Lawsuit to Verify Holdings of ING Bearer Bonds

LOS ANGELES, CA--(Marketwire - September 13, 2010) -  ParaFin Corporation (PINKSHEETS: PFNO):

The Maturity Date of June 16, 2010 of the ING series FF Bearer Bonds held by Parafin has passed and efforts to compel ING to negotiate the redemption of the Series FF 5.5% Bearer Bonds have been stepped up.

Sidney B. Fowlds, the President of Parafin Corporation, is a party to and has filed A "Notice of Civil Claim" (the Claim) in the Supreme Court of British Columbia, Canada, against ING GROEP N.V. and ING BANK N.V., HSBC BANK CANADA and HSBC SECURITIES (CANADA) INC. (The DEFENDANTS) as a result of information from the Defendants that one Series FF ING Bearer Bond delivered to the Defendants by Fowlds was destroyed on the instructions of ING.

All of the DEFENDANTS named in the "Notice of Civil Claim" above have now been served. The Claim maintains that the Defendants including ING;

  1. converted the Bond for their own use;
  2. participated in a conspiracy to destroy evidence;
  3. caused injury to the Plaintiffs by destroying the Bond (evidence);
  4. committed a trespass of goods by wrongfully destroying the Bond (evidence);
  5. wrongfully conspired to cause injury to the Plaintiffs by lawful or unlawful means;
  6. conspired and acted by unlawful means directed towards the Plaintiffs in
  7. circumstances where... the ING defendants knew that injury to the Plaintiffs was likely to result;
  8. instructed the HSBC Defendants or one of them to destroy the Bond (evidence), and, the Bond (evidence) was destroyed pursuant to said instructions from ING.

Disclaimer
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

To be included in our company mail list for real-time news and updates, please e-Mail: ceo@parafincorp.com

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