MicroCoal® Technologies Inc. (CSE:MTI,FWB:OFS.F,OTC:CFQSF) has announced that a settlement has been reached in with regards to a lawsuit filed in February 2012 by Phoenix Alliance Corp.
As quoted in the press release:
The lawsuit, filed in the Supreme Court of British Columbia, claimed damages of $450,000 and unspecified interest and court costs against MicroCoal. MicroCoal argued that the claim had no merit and was based on an agreement that had long expired. To settle the lawsuit, the Company agreed to pay $20,000 to Phoenix Alliance Corp. to defray legal fees, in exchange for dropping the lawsuit and providing a comprehensive release of the Company and its management.
MicroCoal CEO, Lawrence Siegel, said:
The resolution of this outstanding litigation is part of our Board of Directors’ mandate to eliminate these distractions, so we can focus our energies on building value in our core business.