Really considering an add to LAWE, but worried about the pending litigation. Until this clears up, not sure which way it will move. But, the company has been profitable last couple quarters (barely), so maybe they can work something out.
Legal Proceedings.
On September 23, 2009 a complaint was filed against the Company in Wake County, North Carolina Superior Court on behalf of Barbara Wortley. The suit alleges a breach of an Asset Purchase Agreement dated September 28, 2007 by and among Advanced Vehicle Systems, LLC, a Florida limited liability company, Ms. Wortley, and the Company. The suit seeks to enforce a Demand Option under the Purchase Agreement for the Company to repurchase from Ms. Wortley up to 1,200,000 shares of the Company's stock at a price of $1.25 per share. In her complaint, Ms. Wortley seeks $1,500,000, interest at 8% from August 1, 2009 and attorneys' fees of not less than $227,663.02. The Company received service of the complaint on September 24, 2009.
As previously disclosed, on June 26, 2009 Ms. Wortley gave notice to the Company of her demand under the Demand Option, prior to the exercise date of August 1, 2009. Since such Notice, the Company has been negotiating in good faith with Ms. Wortley, and put forward settlement proposals which were rejected. The Company is investigating the complaint, and expects to vigorously defend the law suit.
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