GOLDENBOLLOX
Why does the settlement agreement on page 11 of the PDF file at the bottom state that the suit was filed against the North Carolina corp when the suit is clearly filed against the Florida corp? Is that fraud? Looks to me like a bait and switch.
COMPLAINT
Plaintiff, SHANE TRAVELER, files this complaint against the Defendant HYDROFLO, INC., a Dissolved Florida Corporation, and alleges:
1. This is an action for a damages in excess of Fifteen Thousand Dollars
($15,000.00).
2. Venue is proper in Sarasota County, Florida.
3. Plaintiff, Shane Traveler, is a director of defendant corporation and is owed a duty
of indemnification by the corporation which duty is both a matter of law and contract.
Now for the settlement agreement…..
WHEREAS, on or about February 27, 2007, Traveller filed
an action against Hydroflo entitled Shane Traveller v.
Hydroflo, Inc., a North Carolina Corporation; Case No. 2007CA-
002113-NC, (the "Action") in the Circuit Court of the
Twelfth Judicial Circuit Sarasota County, Florida (the
"Court"), whereby Traveller asserted claims against Hydroflo
alleging that Hydroflo has failed to reimburse Traveller for
the attorney fees and expenses incurred as a result of
having been sued as a director of Hydroflo.
With this background incorporated herein, the parties
hereby agree to the following settlement:
TERMS OF SETTLEMENT
1.ı CLAIMS: Traveller agrees to resolve its bona
fide claims with Hydroflo for the agreed upon sum
of Sixty-Three Thousand Two Hundred Eighty-Nine
Dollars and Fifty-One cents ($63,289.51) with
Interest
2 .ı SETTLEMENT SHARES: As soon as practicable
following entry of an order by the Court in
accordance with paragraph 5 herein, Hydroflo shall
issue and deliver to Traveller, Hydroflo common
stock, par value $.001 per share, (Common Stock)
sufficient to satisfy the claim through the
issuance of freely trading securities issued
pursuant to Section 3(a) (10) of the Act. The
parties agree that the value of the Common Stock
to be delivered by Hydroflo to satisfy the Claim
shall be Twenty Million Shares ($20,000,000)
shares of Common Stock (the "Settlement Shares")
Derb
