SANTA MONICA, CA--(Marketwired - January 22, 2016) -
Max Sound Corporation
Yesterday, in Max Sound Corporation v. VSL Communications Ltd., MAXD took another important and positive step toward enforcing its acquired worldwide rights to monetize VSL's Optimized Data Transmission (ODT) technology through litigation and licensing.
At yesterday's hearing, MAXD requested that the San Diego Superior Court issue an Order to Show Cause (OSC) that VSL Communications, Ltd. (VSL) should be held in contempt for its various and repeated violations of the August 25, 2015 American Arbitration Association's (AAA) Emergency Award and the Superior Court's Order of December 4, 2015 upholding the AAA Award. The Emergency Award and the Superior Court's Order upholding it have previously confirmed that VSL may no longer do the following:
1) Disavow the validity of the Contract with MAXD.
2) Alter any corporate or other entities formed, owned, or controlled by VSL that has any connection with the Contract.
3) License, sell, assign, or transfer, any of the technology, patents, or intellectual property, connected to the Contract in any manner, and is required to cooperate with the pending ODT enforcement litigation and fulfill its contractual obligations.
In attendance at the hearing was, John Blaisure, MAXD's CEO, as well as Constance Nash and Robert Newell of VSL and Vedanti.
At the outset, the Court stated that the purpose of the hearing was to determine if MAXD had met the threshold requirement for scheduling the OSC contempt hearing. Without any objections from VSL's counsel, the Court determined that MAXD had presented the necessary evidence demonstrating VSL's alleged violations of the Award sufficient to warrant the issuance of an OSC and scheduled the contempt hearing to occur on March 24, 2016 at 9:00 a.m.
"We are extremely pleased with the outcome of today's hearing, because the Court continues to affirm our rights," said John Blaisure, CEO of MAXD. "We look forward to refocusing our efforts on protecting and enforcing the worldwide rights to the ODT technology granted by VSL to MAXD."
To recap -- the Order to Show Cause (OSC) set for a March 24, 2016 hearing that VSL Communications, Ltd. ("VSL") be held in contempt for its various and repeated violations of the August 25, 2015 Emergency Arbitration Award and the Superior Court's Order of December 4, 2015 upholding the AAA Award due to VSL's continued interference with MAXD's enforcement activities related to the ODT patent rights granted by VSL and its affiliates to MAXD.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Statements in this press release which are not purely historical, including statements regarding Max Sound's intentions, beliefs, expectations, representations, projections, plans or strategies regarding the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow or adequacy of capital resources, market acceptance risks, technical development risks, and other risk factors. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Max Sound disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Max Sound Corporation and its Affiliates on its website http://maxd.audio or at http://www.sec.gov.
Max Sound Corporation