SCOTTSDALE, AZ and CALGARY, AB, Oct. 23,
2014 /CNW/ - RDX Technologies Corporation ("RDX"
or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE:RL7), a water
treatment and energy technology company, today announced that a
legal settlement has been reached between Global Emerging Markets
(GEM), and the Company.
The specific settlement terms are confidential, but GEM will
receive it's agreed to proportional share of the RDX common stock
that GEM thought it was entitled to in the original transaction.
The Company has filed a $75MM Federal lawsuit in Alberta seeking damages from the non-settling
sellers and former operators of the Carthage renewables refinery.
Dennis M. Danzik, Chief Executive
Officer of RDX, stated, "RDX and GEM should not have been at odds
in this matter from the beginning and in settlement; both RDX and
GEM are now on the same side of the issues born out of RDX
purchasing the refinery property located in Carthage, Missouri. After the facts were
examined over the last year, it was an error for RDX to contemplate
a separate lawsuit or launch our news release of last year. If RDX
were to do it over again, we would have sought counsel from GEM,
and avoided what was a protracted lawsuit."
"RDX and myself are pleased that this dispute is settled and we
have GEM as a shareholder and supporter in our legal actions as a
Plaintiff in Alberta."
Edward Tobin, Partner at GEM
stated, "Since the outset GEM has always wanted to work with
Dennis, and RDX directly. We have always seen RDX as the best
operator for the Carthage Refinery. GEM and myself are
supporters of RDX, and we have put our differences behind us and
look forward to the future."
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
danzikdirect@rdxh2o.com
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. This news release may contain
forward-looking statements. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Such information is
subject to known and unknown risks, uncertainties and other factors
that could influence actual results or events and cause actual
results or events to differ materially from those stated,
anticipated or implied in the forward- looking information. Readers
are cautioned not to place undue reliance on forward-looking
information, as no assurances can be given as to future results,
levels of activity or achievements."
SOURCE RDX Technologies Corporation
