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Press ReleaseSource: Applied Digital Solutions Inc.
Applied Digital Solutions, Inc. Files Lawsuit Against IBM Credit LLC and IBM Corporation
Friday March 7, 7:34 am ET
PALM BEACH, Fla.--(BUSINESS WIRE)--March 7, 2003--Applied Digital Solutions, Inc. (Nasdaq: ADSX - News):
According to the lawsuit, the causes of action include:
tortious interference with business relationships
conspiracy to commit fraud/civil RICO
fraud, breach of good faith and fair dealing
lender liability
and breach of the Florida Uniform Trade Secrets Protection Act
Applied Digital Solutions, Inc. (Nasdaq: ADSX - News), an advanced technology development company, announced today that it has filed a lawsuit against IBM Credit LLC and IBM Corporation (NYSE: IBM - News). According to the lawsuit, the causes of action include: tortious interference with business relationships; conspiracy to commit fraud/civil RICO; fraud, breach of good faith and fair dealing; lender liability; and breach of the Florida Uniform Trade Secrets Protection Act. The lawsuit was filed yesterday in Palm Beach County, FL.
IBM Credit has been the Company's lender since 1999. Under the terms of the IBM credit agreement and a letter sent by IBM Credit earlier this week, IBM required payment of approximately $46.2 million by March 6, 2003. The Company did not make that payment, which, depending on the response from IBM Credit, may impair the Company's ability to carry on business in the ordinary course. The lawsuit follows a good faith attempt by the Company to negotiate a satisfactory amendment to the credit agreement. The Company believes that its offers in those negotiations were not accepted, in large part, for the reasons set forth in the lawsuit.
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