SOURCE: Xynergy Holdings, Inc.

January 21, 2010 14:51 ET

Xynergy Holdings, Inc. Litigation Updates

HIALEAH, FL--(Marketwire - January 21, 2010) - The litigation against Marc Walther brought by Xynergy Holdings, Inc. (PINKSHEETS: XYNH) in Circuit Court Miami-Dade County Court, Florida, which resulted in an Order Granting Plaintiff's Emergency Motion for Injunctive Relief dated March 9, 2009 is ongoing. The prior injunction ordered Mr. Walther to cease from making any representations that he is an officer and/or director of Xynergy Holdings, Inc. or from acting in such capacity on behalf of the corporation and ordered him to return all corporate books and records within ten (10) days from the entry of the Order.

The court on September 25, 2009 entered an order denying Mr. Walther's Motion to Compel Arbitration, granted the Defendant's Motion to Dismiss Count III of the Complaint with leave to amend the claim as it relates to Xynergy which was a claim for breach of fiduciary duty.

In October 2009, Xynergy amended its Complaint and is still seeking damages against Marc Walther for breach of fiduciary duty, and declaratory relief claiming that the issuance of preferred shares issued by Walther was illegal and/or improper and that said shares issued to Defendant Rhonda Windsor and Marc Walther should be cancelled.

Defendant Marc Walther again moved to dismiss Plaintiff's declaratory relief count, and breach of fiduciary duty against Marc Walther. The court has not yet ruled on the Motion to Dismiss. A hearing will be set shortly on the Motion to Dismiss.

The parties are currently involved in pretrial discovery process; no trial date has yet been set.

About Xynergy Holdings, Inc.

Xynergy Holdings, Inc. is committed to meeting the world's growing energy needs while also promoting environmentally conscious business practices and sustainability. Their focus is on promoting global commerce within the realm of a global economy.

Safe Harbor Disclosure:

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

Contact Information

  • Contact:
    Xynergy Holdings, Inc.
    Amber Rice