Lawsuit to name principals of GEM Holdco, Inc.
CALGARY,
May 1, 2013 /CNW/ - Ridgeline Energy
Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX:
RGDEF, FSE: RL7) a water treatment and energy technology company,
today announced that it has engaged legal counsel to file a lawsuit
against Global Emerging Markets NA, Inc. and its subsidiary GEM
Holdco Inc. of New York ("GEM")
for damages greater than 140 million
dollars.
In addition the action names Christopher Brown, claimed CEO of GEM, as well
as counterparts, Edward Tobin and
Demetrious Diakolios as defendants.
GEM has made claims to have an investment fund worth over a billion
dollars.
Ridgeline will pursue civil charges including Fraud, Tortious
Interference, and additional claims under the Racketeering in
Organized Crime Act, which qualifies for treble damages. Ridgeline
will also show that GEM attempted to extort cash payments from
Ridgeline, and its current CEO, Dennis M Danzik under threats of
GEM releasing negative news on Ridgeline via wire services in the
U.S. and Canada.
Ridgeline's claims stem from the fact that GEM
and the individual defendants represented that they owned and
controlled Changing World Technologies, LP ("CWT") and that GEM had
made substantial investment in CWT, when in fact GEM was a small
minority shareholder in CWT with less than US$ 800,000.00 invested.
Further progress of the legal action by
Ridgeline will also show GEM was involved in an attempt to setup a
fraudulent investment in CWT, where GEM would purport to invest a
total of US$ 4,000,000, but in fact
was arranging a fraud, where the investment would be returned to
GEM within few days, without the knowledge of the true owner and
seller of CWT, which was CWT Enterprises Canada, Inc.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water
treatment and energy technology company. The Company is applying
proprietary technology to treat water generated from industrial and
commercial waste water markets. These markets include a wide
variety of clients across a broad spectrum of industries including
oil and gas. Through its environmental consulting and remediation
divisions, Ridgeline Environment has built a reputation as an
established provider of environmental services to the Western
Canadian oil and gas industry. Ridgeline GreenFill provides soil
remediation and wet waste disposal services to the oil and gas
industry. The Company trades on the TSX Venture Exchange
under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt
Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Tony Ker"
Tony Ker, CEO
"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 Ridgeline Energy Services Inc.