Addax Petroleum (fka AXC)

[Krombacher]

For example, if the shareholder against whom the Company takes out libel lawsuit were to reside in the same jurisdiction as ERHC, i.e. in Texas, then the rules governing the professional body in Texas would apply for that profession.

I don't know what the profession of the alleged libelous shareholder is, but let's say he or she is a CPA.

Then the governing body would be the TSBPA - Texas State Board of Public Accountancy.

If ERHC is able to prove that this alleged libelous shareholder engaged in any of the following:

(b) Definitions:
(1) A "false, fraudulent, misleading or deceptive statement or claim" includes, but is not limited to, a statement or claim which:
(A) contain a misrepresentation of fact;
(B) is likely to mislead or deceive because it fails to make full disclosure of relevant facts;
(C) is intended or likely to create false or unjustified expectations of favorable results;
(D) implies educational or professional attainments or licensing recognition not supported in fact;
(E) represents that professional accounting services can or will be completely performed for a stated fee when this is not the case, or makes representations with respect to fees for professional accounting services that do not disclose all variables that may reasonably be expected to affect the fees that will in fact be charged;
(F) contains other representations or implications that in reasonable probability will cause a reasonably prudent person to misunderstand or be deceived;
(G) implies the ability to improperly influence any court, tribunal, regulatory agency or similar body or official due to some special relations;
(H) consists of self-laudatory statements that are not based on verifiable facts;
(I) makes untrue comparisons with other accountants; or
(J) contains testimonials or endorsements that are not based upon verifiable facts.

then this shareholder's professional license, in this example a CPA license, would be at risk if any of the above have been proven to be violated.

I think this is far more serious than some realize.


Krombacher