News
Versant Corporation, a wholly owned subsidiary of STL Marketing
Group, Inc. (OTC: STLK) has been notified that it won a key decision in its
arbitration case, File No. 0223-2012-CO-AR-CICA. The “Sala Primera de la Corte
Suprema de Justicia” or “Sala Primera” rejected the appeal by Grupo Aldesa (Resolution
No. 414-F-S1-2013).
Grupo Aldesa, now named Finanzas Corporativas GBA SA, sought to argue that CICA or “Centro Internacional de Conciliación y Arbitraje de la Cámara de
Comercio Costarricense – Norteamericana” did not have jurisdiction over the case. CICA is a complementary resolution mechanism,
created by the Costa Rican legislature, which operates within the court system. In a clear and strongly worded opinion, Sala
Primera has unanimously rejected Aldesa’s arguments and ruled in favor of CICA
being able to handle the case. The
Company views this favorably, as CICA is much more expedient in handling cases.
As reported in our
public filings, the Company’s subsidiary, Versant Corporation, has alleged that
Grupo Aldesa misappropriated investor funds intended for Versant
Corporation. These investor funds were
wired to Aldesa’s bank account by investors and subsequently were not remitted in full to the
Company. This alleged action took place
in June 2011 as part of a private placement by Aldesa for Versant’s Preferred
Class A shares. The Company is seeking
the restitution of $195,400 for the above-mentioned funds, plus the
reimbursement of attorney’s expenses, interest and the arbitration costs.
“We feel very confident about
the facts of this case. Aldesa specifically
requested the contract stipulate that CICA handle any contract disputes and we
agreed. The Company initially sought reconciliation
at CICA, after negotiations regarding the matter failed between the parties. Unfortunately, Aldesa did not respond to the summons
or “apersonarse”, which automatically led us to the arbitration process. We were pleased by the unanimous decision by
the magistrates of Sala Primera.
We take this matter very
seriously. The Company undertook the
arbitration process to make certain that it was very clear to our stakeholders
that the Company in no way accepts or condones this type of behavior, nor were
we part of the alleged actions by Aldesa.
To ensure that all protocols were followed, Versant filed a formal complaint
regarding this matter, in mid-2012, with the Federal Bureau of Investigation (FBI)
in Colorado, as well as the State Attorney General. We look forward to the final resolution of
this matter and we believe that the resolution should be in the Company's favor
based on the facts. It is also important
to note, that this arbitration case does not affect our ongoing operations, nor
our work on the Power Purchase Agreement,” said Jose P. Quiros CEO of STLK.
