NanoSignal Corp. -Formerly MicroSignal- Wins 100% Ownership and Patent Rights to SLICES In U.S. District Court Ruling in Pittsburgh
Monday December 22, 5:56 pm ET
LAS VEGAS--(BUSINESS WIRE)--Dec. 22, 2003--NanoSignal Corp. (formerly MicroSignal Corp.) (OTCBB:MSGL - News) announced today that the public company was granted 100% ownership and patent right to the SLICES(TM) mathematical algorithm and all other intellectual property in a United States District Court proceeding Case No. 03-1589 in Pittsburgh, PA. The Hon. Judge Arthur J. Schwab granted a permanent injunction and declaratory relief holding that the merger with MicroSignal Pennsylvania in September 2002 was valid and legally binding on the parties with the surviving company being the Nevada public company.
As the result of the ruling, the Board of Directors have approved emergency anti-takeover measures to put into place immediately to prevent any hostile take over attempts by the losing parties and short sellers to destroy share value.
In a joint statement, fellow board members Dr. Lawrence Madoff and Dr. Rupert Perrin stated "We were pleased that the Court ruled in our favor on all of the points we raised in Pittsburgh. Our litigation team did an exemplary job and deserve the gratitude of all shareholders for a job well done. We are especially proud of our engineering team in Cannonsburg, PA and the loyalty and dedication of Chris Puleo and Sherri Yavelak who demonstrated that a company is only as strong as the persons who represent it."
"Our number one priority is to get all of the shareholders and debenture holders in MicroSignal Pennsylvania properly identified. We are in the process of updating our website with a worksheet for the former private Pennsylvania shareholders and debenture holders. The worksheet can be downloaded or completed online. The information provided in the worksheet will expedite the process of having share certificates in the public company issued to the proper parties. The full text of the ruling will be posted on the website after filing it with the SEC on Form 8-K."
"Our hearts and prayers go out to all of our shareholders and friends during this Holiday Season. Now is the time for closure with all parties be they friend or foe, so that we may work in harmony and clear purpose in the New Year."
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement.
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