CARSON CITY, NV--(Marketwire - Mar 1, 2013) - Tactical Air Defense Services, Inc. (
As disclosed in TADF's previous United States Securities and Exchange Commission filings, in 2007, Charles Searock ("Searock"), a former employee of TADF, filed a claim against TADF and other defendants for the alleged breach of an employment agreement and other actions between Searock and International Tactical Training Center, Inc., a company not owned or controlled by TADF. TADF asserted that the claim was without merit, and vigorously defended itself. In 2010, by claiming that TADF and the other defendants had been properly served notice of trial, when in fact neither TADF nor any of the other defendants received proper notice of trial, were aware of the trial, and therefore were not able to appear in Court in order to defend themselves, Searock was fraudulently awarded a default judgment of $2,000,000 against TADF. Despite valid arguments by TADF's counsel, the lower trial Court denied TADF's motion for a new trial.
In light of the lack of proper legal notice, in its Opinion, The Court of Appeals, Fifth District of Texas at Dallas stated, "We conclude that appellants' affidavits show they did not receive notice of the trial setting and that the trial court abused its discretion by denying the motion for new trial. We reverse the trial court's judgment against Tactical and Fears and remand Searock's cause of action against those parties for further proceedings."
Alexis C. Korybut, Chief Executive Officer of TADF, stated, "We are pleased to announce that The Court of Appeals, Fifth District of Texas at Dallas has thrown out the fraudulent $2 million judgment against TADF and has ruled that the lower trial Court abused its discretion. Although we have always asserted that the claim was without merit, it is nevertheless comforting to know that this attempted misuse of the legal system has been stopped in its tracks. Should Searock continue to pursue this frivolous action in the lower Courts, TADF will continue to aggressively defend itself."
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Forward Looking Statement Disclosure
Statements contained herein that are not historical facts may be forward looking statements within the meaning of the Securities Act of 1933, as amended. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts, to procure future contracts, to acquire certain assets, or to finalize funding for the purchase of certain assets. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise, or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.
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