MultiCorp International Inc (MCIC)

[altruism]

XTend Medical Corporation (XMDC) Retains Korean Counsel to Protect Company

Apr 23, 2010 14:44 ET

Company Moves Forward in U.S. Lawsuit

SUN VALLEY, CA--(Marketwire - April 23, 2010) - XTend Medical Corporation, (PINKSHEETS: XMDC), a company that specializes in delivering life changing medical technology to healthcare organizations globally, announced today that the company has retained Yulchon, Attorneys at Law, located in Seoul, Korea.

Paul D. Lisenby, CEO of XTend Medical, stated, "XTend has decided to retain counsel in Korea to explore our legal options in Korea against two of the defendants in our U.S. case, Sam Lee and his Korean company, U&I Korea. The company must ensure that the assets that we purchased four months ago are transferred to the company without further delay and we will use all legal means available to us, in any country, to attain that goal." In addition, Mr. Lisenby further commented, "The lawsuit in the U.S. is proceeding. The defendants filed a motion for dismissal or for a change of venue to Delaware, which we opposed in the papers that we filed on Monday, April 19. The hearing on the defendants' motion is set for May 10. Our consistent goal in all these legal proceedings is to secure the BioHarp assets for the company, as provided in the Asset Purchase Agreement that XTend and the defendants signed. The company is moving forward with its plans to commercialize the BioHarp technology with the information that we have to date. Currently, engineers specializing in both hardware and software design are reviewing the necessary steps it will take to manufacture the BioHarp as quickly as we can. Notwithstanding the hurdles that the defendants have placed before us, we believe the BioHarp still remains an incredible technology that XTend intends to manufacture and sell to healthcare agencies all over the world."

Paul's thought about it and got it covered imo..