VOIP-PAL.COM Announces Settlement of Litigation Against Big Apple Consulting USA, Inc., et al.
SUN VALLEY, Calif., Sept 09, 2008 /PRNewswire-FirstCall via COMTEX/ -- VoIP-PAL.com, Inc. (Pink Sheets: VPLM), a leading provider of telecommunications products and services, announces the settlement of its lawsuit against Big Apple Consulting, USA, Inc., MJMM Investments, LLC., Twin Equities, et al in the Second Judicial District Court, State of Nevada, Washoe County.
As part of the settlement, the MJMM defendants have returned to VoIP-PAL's transfer agent Nevada Agency and Trust Co. approximately 3.67 million shares for return to treasury of VoIP-PAL.com., and 6 million shares have been ordered cancelled by the court.
This settlement reduces VoIP-PAL's outstanding stock by approximately ten percent (10%).
"The settlement of this litigation brings a conclusion to the disputes that VoIP-PAL.com had with the defendants, related to a prior consulting agreement to provide financing, business, promotion and development for VoIP-PAL.com," said Richard Kipping, CEO of VoIP-PAL.com, Inc.
The Company anticipates steady growth in its current markets and is very excited about VoIP-PAL's joint venture and expansion in to the "Social Networking" space with the Co-development of www.rupeechat.com along with their new service www.rupeephone.com that is scheduled to be launched in Fall/08.
About VoIP-PAL.com, Inc.
VoIP-PAL.com, Inc. is a broadband VoIP telecom company offering local and long distance VoIP services to consumers and business owners. The company offers turnkey solutions for its Partners for the Loyalty Transactional platform. For more information, please contact Richard Kipping at (818 627 0911) or Richard@voip-pal.com or visit us at http://www.voip-pal.com.
For more information, please contact us at Info@voip-pal.com.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE VoIP-PAL.com, Inc.