Virtual Sourcing Inc. (fka PGCX)

[bjl]

A wholly owned subsidiary cannot simply walk away from the parent co. as you are saying. There must be legal reasons.

Dakshidin was served notice and a formal demand to cure the delinquency in the agreement between Dakshidin (DKSC) and RESTEC Inc. (RESTEC). On March 12, 2007 DKSC and RESTEC completed and signed the agreement to transfer RESTEC technology, intellectual property, systems, know-how, trade-marks, trade secrets, copy rights and designs, (the property) for the expressed purpose that DKSC would commercialize said property and meet certain terms and conditions as the transferee. Specifically, the default notice states, “DKSC as the transferee has failed to meet several critical terms and conditions of the agreement and/or provide any evidence that the terms and conditions will be met in the future. The transferee has failed to meet its obligations related to the terms and conditions of the agreement, specifically as it relates to the representations to commercialize the said assets and the necessary financial resources to fulfill its obligations.”

http://www.businesswire.com/news/home/20091210005811/en/Appointment-Board-Directors-CEO-Dakshidin-Corporation-Dec.