Finally an "Amerging News" email today about the dropping of the Sony BMG suit:
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Sony-BMG withdraws suit against Amergence
We have recently received notice that Sony-BMG has withdrawn its lawsuit against The Amergence Group. Although the music giant can decide to re-institute the lawsuit at a later time, Amergence shareholders should know that we are prepared to defend the action. In addition, the Company is currently contemplating a counter-suit against Sony-BMG for the damage they've caused by bringing the action against the Company and through what we believe to be the reckless introduction of rootkit technology utilized in a competitor's technology (First4Internet's XCP copy protection).
With this lawsuit now in the rearview mirror, The Amergence Group will work toward rebuilding its originally stated business plan of attracting and acquiring specialized new and growing companies. Unfortunately, Sonic Mountain/Odeo.com, the company's first intended acquisition which was previously announced on June 11, 2007, requested and was granted an annulment of its binding Letter of Engagement that was signed with the company on June 13, 2007. The annulment was a direct result of Sony's filing its intent to sue Amergence for $12 million. Amergence continues to do everything in its power to help Sonic Mountain achieve its goals and we hope to develop some type of future relationship with this promising Internet site, although we're not there yet.
We expect to be sending out future updates to our shareholders and our goal is to keep them better apprised of events in Amergence as they happen.
ABOUT THE AMERGENCE GROUP
The Amergence Group (AMNG.PK) identifies, nurtures, and expands selected emerging companies across a wide range of industries and disciplines. The primary goal of the new business development enterprise (BDE) is to coordinate services and activities that foster and promote a business environment capable of accelerating the growth of innovative companies. The Company attracts new and early growth businesses that wish to take advantage of resources not generally available to them, such as mission-critical capital, in addition to legal, accounting, and public relations resources. In exchange, the Company will retain a small minority ownership position in the promising new businesses. The Company is currently reviewing comprehensive due diligence packages from a number of potential target companies, ranging from the medical, legal, and entertainment industries.:
Company Contact:
Peter H. Jacobs
480-443-1600
peter@amergencegroup.com
Investor contact:
Investor Relations
480-443-1600
4press@amergencegroup.com
