POW! Entertainment Inc. (fka POWN)

[rickn23]

Camsing International Holding Limited

http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0521/LTN20180521793.pdf

The Board wishes to inform the shareholders of the Company (the “Shareholders”) and potential investors that the Company has commenced legal proceedings (“HK Legal Proceedings”) by issuing a writ of summons together with an indorsement of claim dated 21 May 2018 in the High
Court of Hong Kong against Mr. Stan Lee for, among other things, damages for the loss and harm suffered by the Group arising from, among other things, the false allegations in the USA Complaint. The Company alleges, among other things, that:
1.
the USA Complaint was filed by Mr. Stan Lee maliciously or unlawfully or otherwise in a
manner amounting to an abuse of civil process, and was instituted without reasonable and
probable cause;
2.
the USA Complaint has interfered with actions, businesses or otherwise of the Company
which includes but not limited to a lender, a shareholder, or otherwise of the Company; and
3.
the USA Complaint instituted by Mr. Stan Lee was brought in bad faith with the ulterior
motive of causing damages to the Company’s business (or otherwise), rather than for the
protection of any legitimate interest of Mr. Stan Lee.
– 2 –
In relation to the USA Complaint, the Group is of the view that the USA Complaint was initiated
by dishonest third parties and it is possible that Mr. Stan Lee may have been influenced to file
the USA Complaint. As the HK Legal Proceedings are at a preliminary stage, the impact of the HK Legal Proceedings
on the current or future profit of the Group is to be determined. The Board will keep the Shareholders and potential investors informed of any further material development in connection with the above by way of further announcement(s) as and when appropriate.