EQCO2 and Discovery Plan a Vigorous Defense Against Crown's Lawsuit, Which They Consider to Be Meritless

Marketwired

CARSON CITY, NV--(Marketwired - Sep 6, 2013) - EQCO2, Inc. (OTCQB: CLNO) will fight Crown and is considering counter-claims, believing now that Crown's intent all along was to re-take control after draining Discovery's funds from it.

EQCO2 recently introduced Crown to an investor who offered significantly over market value for Crown's interest in EQCO2. It was rejected by Crown's failure to respond after weeks of negotiations to satisfy Crown's requirements, which the last version met.

In recent years, Crown was paid what appear to be exorbitant amounts of CLNO shares for services allegedly received, as approved by Ken Bosket and Montse Zaman, while each was an officer and director of both companies. Ms. Zaman's mother is the majority shareholder of Crown, based on SEC filings. When the Exchange Agreement named in the lawsuit was approved, Bosket and Zaman were officers and directors in both companies too.

EQCO2 believes that Hassan "Mike" Zaman, a person barred by the SEC from association with stock brokers (http://www.sec.gov/litigation/admin/3440494.txt) controlled his wife's actions in both companies, and potentially Bosket's too. Zaman is CEO of Zaman & Co., which received over 70,000,000 CLNO shares in June (authorized by EQCO2's board when his wife and Bosket were directors). Suspecting fraud, EQCO2's current board is now investigating.

All defendants will vigorously fight the lawsuit and take every action available at law to protect the interests of shareholders and themselves, because under Zaman's and Bosket's control, EQCO2 was an unmitigated failure as a company.

Safe Harbor Statement: This news release includes forward-looking statements pertaining to future anticipated projected plans, performance and developments, intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Any statements in this news release, not statements of historical fact, should be considered forward-looking statements. These forward-looking statements generally can be identified by phrases such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "intends," or other words or phrases of similar import. Similarly, statements in this news release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward looking statements.

Rates

View Comments (1)