Common use of Empire Asset Management Clause in Contracts

Empire Asset Management. On December 9, 2008, Empire Asset Management (“Empire”), a broker dealer that acted as the Corporation’s financial advisor and exclusive placement agent and purchased stock for their own account in previous private placement transactions, initiated a law suit against the Corporation in the Supreme Court of the State of New York alleging that the Corporation misrepresented the success of its business to induce Empire to invest in the Corporation. Empire is seeking compensatory damages in an unspecified amount for the harm allegedly suffered. The Corporation believes that the action has no merit and intends to defend vigorously against the action.

Empire Asset Management. On December 9, 2008, Empire Asset Management (“Empire”), a broker dealer that acted as the CorporationCompany’s financial advisor and exclusive placement agent and purchased stock for their own account in previous private placement transactions, initiated a law suit against the Corporation Company in the Supreme Court of the State of New York alleging that the Corporation Company misrepresented the success of its business to induce Empire to invest in the CorporationCompany. Empire is seeking compensatory damages in an unspecified amount for the harm allegedly suffered. The Corporation Company believes that the action has no merit and intends to defend vigorously against the action.