False Press Release Issued By SMSW Corporation
SOUTHFIELD, Mich., July 8, 2014
SOUTHFIELD, Mich., July 8, 2014 /PRNewswire/ -- Halberd Corporation (OTC Market: HALB) Halberd Corporation responds to the false press release issued by the plaintiffs (in three separate causes of action), including Marvin Katz and his companies, and Stephen Wilshinsky, his company and his mother. As a part of these plaintiffs' misleading financial claims, they are suing Halberd Corporation and the defendants for refusing to violate the law. Despite the plaintiffs' false claims, there has been no determination of liability. Indeed, the plaintiffs have lost every single motion in these cases which has a ruling. The California cases are as follows: CV 13-01412 BRO and 2:12-cv-10041 FMO (FFMx); the Nevada Case No. is A-14-697936-P. Each suit is frivolous. And Halberd Corporation will continue to vigorously defend each suit.
Halberd will not cower to these plaintiffs' acts of misleading financial claims.
Plaintiffs boldly seek $324,000 damages and 10,800,000 shares of Halberd common stock, for $400 allegedly paid for the shares. And Plaintiffs' own counsel, Kenneth Eade, admitted that the $400 was not paid by the plaintiffs, and not even paid to Halberd Corporation. Plaintiffs seek to take over Halberd Corporation. This frivolous initiative was specifically stated in their separate lawsuit filed in Nevada, A-14-697936-P - In the Matter of the Petition of SMSW Enterprises LLC, against Halberd Corporation.
Perhaps even more importantly, however, without such proof of payment, it would be illegal for the Defendants to participate in the removal of the restrictive legend on the securities – to do so would violate Section 5 of the Securities Act of 1933, which prohibits the removal of the restrictive legend from the shares at issue, and defendants' counsel has advised that it would be a criminal violation of Section 5 of the Securities Act of 1933, concerning the sale of unregistered securities, for the Defendants to participate in such an action.
The SEC ruled that: "The relevant holding period [6 months or 12 months] begins when the securities were bought and fully paid for." See www.sec.gov/investor/pubs/rule144.htm. Yet, without payment for the securities, by Mr. Katz and his companies, let alone payments to Halberd, that holding period never commenced.
Halberd Corporation is a Holding Company and Incubator for early stage high growth businesses. They are located in Southfield, Michigan. Halberd Corporation trades on the OTC Market under the ticker symbol HALB.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to'" "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
SOURCE Halberd Corporation
Quelle: PR Newswire