(via Thenewswire.ca)
TORONTO, ONTARIO, CANADA / TNW-ACCESSSWIRE / October 28, 2014 / DXStorm.com Inc. (TSX Venture Exchange: DXX) ("DXStorm") today announces that it has successfully reached a settlement agreement with The TDL Group Corp Inc. in the matter of The TDL Group Corp. v. DXStorm.com and Zoran Popovic which has been ongoing since 2007. An order to dismiss the action and all related counterclaims was granted on October 7, 2014. The settlement involved no admission of liability by either party and reflects a compromise of disputed claims, resulting in a net amount of $1,741,018 after legal expenses. These funds will be applied to research and development of its patented technologies for licensing purposes and ongoing business needs.
DXStorm is an E-Business Service Provider and Developer.
DXStorm provides Internet based solutions to businesses from turnkey e-store solutions for small business to custom developed and implemented Web, database, network, security, and transaction systems for any enterprise.
For further information: Media contacts:
DXStorm.com - Zoran Popovic (905)-842-8262 x 252, zoran@dxstorm.com
FORWARD LOOKING STATEMENTS: This press release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on management's forecasts of future results, operations, and transactions, and on estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to strategies, expectations, planned operations and corporate transactions, or future actions. Forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "preliminary", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking statements, by their nature, are based on assumptions, including those described herein, and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Risks that are faced include competition and the management of emerging markets and technologies. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation: that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets; the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the costs that we may incur as a result of litigation against us; the risk of future capital needs and uncertainty of additional financing; the need for us to manage our planned growth and expansion; the risk of the effects of product development and need for continued technological change; the risk related to protection of proprietary rights; the effect of government regulation and compliance on us and the industry in which we operate; network security risks; the risk related to our ability to maintain properly working systems; the risk of reliance on key personnel; the risk of volatile securities markets impacting security pricing unrelated to operating performance; and the risk that proposed transactions will not be completed as planned, as well as the factors identified throughout this news release and those identified in section entitled "Risks" of our management's discussion and analysis filed on www.sedar.com. The forward-looking statements contained in this news release represent our expectations as of the date of this news release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Note: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2014 TheNewswire - All rights reserved.