SOURCE: World Hockey Association

April 19, 2007 14:05 ET

The World Hockey Association Files Eleven Counterclaims in US Federal Court for Violations of Securities Laws, Breach of Fiduciary Duty, Diversion of Assets, Fraud, Conspiracy, Rico Statute

Violations and Others

VANCOUVER, BC -- (MARKET WIRE) -- April 19, 2007 -- The World Hockey Association (PINKSHEETS: WHKA) announced today that it filed eleven claims for relief against a number of named and unnamed parties in Federal Court on Wednesday. The claims cover a wide range of alleged offenses against the WHA including violations of securities laws, breach of fiduciary duty, diversion of assets, fraud, conspiracy, and Rico Statute violations as well as other alleged wrongdoing.

Counter-defendants named to the suit include Nexus Asset Holdings, LLC (a Texas Corp), and Global Developments, Inc. (a Delaware Corp). Third party defendants named include John D Briner, a Vancouver securities lawyer and former CEO of Global Developments, Inc., Briner Group, Inc. (a purported Canadian Corp), Esther Briner, OTC Filers, Inc., West Coast Stock Transfer (a purported Canadian Corp), Continental Stock Transfer Company (a purported New York Corp), Rieghardt Van Enter, Jason Ashdown, Erwin Liem, North Plains Enterprises, LLC (a purported Texas Corp), Texas Media LLC (a purported Texas Corp), ten "John Doe" defendants and ten "Roe" Corporation defendants.

Among other allegations, the WHA says the named defendants and counter-defendants conspired to manipulate the market in WHA securities thereby causing the company, its Directors, the WHA League, and its shareholders substantial damages. Included among those said to have been damaged as a result of the actions of the third party defendants and counter-defendants is Robert "Bobby" M Hull, the current WHA League Commissioner. Hull was a three-time NHL scoring champion, two-time NHL Most Valuable Player and is ranked number 8 on the list of the 100 greatest hockey players ever.

WHKA CEO Ricky Smith commented, "We expect the court will see fit to award our company substantial damages and specific performance claims. We are not in business to file lawsuits, but the harm caused to our company and its shareholders was so enormous, we have had no other choice than to turn to the courts for remedy. We have now placed this in the hands of our attorney. Our lawsuit claims speak for themselves."

Smith added, "When asked last night in a SPR radio interview if I believed our claims to be justified, I stated quite clearly that I believe the one hundred million US Dollars in damages to be a conservative figure. The fallout from the actions of the defendants to our company has been severe and reputations have been damaged as well. We now expect the perception of past events will be cast in a much different light."

About the World Hockey Association:

The WHA created the WHA Junior West Hockey League to promote the sport of hockey. The Junior West Hockey League is an alternative, community-based league for highly skilled junior players, and is designed to promote high standards of sportsmanship in hockey. The 2007-2008 season will feature an expansion from six to 16 teams and will see the WHA firmly established in British Columbia, Alberta and the Northwestern United States.

As a listed company on the Over-The-Counter Pink Sheets our mission is to provide a financially sound economic model that is responsible to WHA investors, coaches and staff, and the junior hockey players participating on each team. Fan satisfaction is a primary consideration in our decision making process.

Forward-Looking Statements

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.

Contact Information

  • CONTACT:
    V. Ackland
    416-996-1789