TORONTO--(INFOLINK)--Feb. 26, 2007--DXStorm.com Inc (TSX-V:DXX) announced today that it has accepted service of a statement of claim filed by The TDL Group Corp. in Ontario Superior Court.
The claim filed by The TDL Group Corp ("TDL"), the licensing subsidiary of Tim Hortons Inc., seeks declarations from the Superior Court of Ontario that TDL was legally entitled to terminate negotiation of a "TIM CARD Turnkey Solution Agreement" ("the agreement") on or before May 1st, 2005.
The claim filed seeks a declaration that DXStorm breached its legal obligations by interfering with the termination of negotiations of the agreement on or before May 1st, 2005, and that TDL was entitled to terminate all beta tests and pilot projects concerning the agreement in Oakville and London, Ontario on or before May 1st, 2005.
The claim filed seeks a declaration that DXStorm breached its legal obligations by continuing activities pursuant to the Oakville and London pilot projects following cancellation by TDL, and that DXStorm and its personnel, including Zoran Popovic, are legally obligated to keep confidential all information received from TDL in the course of the parties' business dealings as provided by a confidentiality agreement dated February 10, 2005.
The claim filed seeks a declaration that DXStorm never provided any information to TDL that was confidential to DXStorm, or that any information that DXStorm provided to TDL that was confidential to DXStorm is no longer confidential by reason of DXStorm's own acts making such information generally available to the public.
TDL is seeking pre- and post-judgement interest, costs, an accounting, other relief and damages in the amount of $12,000,000 for losses, costs and expenses incurred by TDL; costs which TDL claims continue to accrue as a result of DXStorm's breach of it's legal obligations.
"We are shocked and disappointed that TDL has chosen to seek court assistance to define the limits of their business and legal obligations to DXStorm with a lawsuit," said Zoran Popovic. "The claims are without merit and will be vigorously defended. As TDL has chosen to resolve business issues in the courts, DXStorm's legal counsel will be providing advice on the process of advancing claims against the TDL Group Corp in the same manner." DXStorm is an E-Business Applications Service Provider and Developer. DXStorm provides Internet based solutions to businesses -- from turnkey micropayment solutions to custom developed web, database, network, security, and transaction systems for any enterprise.
CONTACT: DXStorm.com, Inc. Diane Fisher (905) 842-8262, ext. 238 email@example.com