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MediaTechnics Announces Withdrawal From Technology Deal With Amergence Due to Lawsuit
(Marketwire Via Acquire Media NewsEdge) PHOENIX, AZ, August 21 / MARKET WIRE/ --
Amergence Group (PINKSHEETS: AMNG) received
word on Monday, August 18, 2008, that, because of a lawsuit filed in
Fresno, California, by its former counsel, Mr. David Kahn, MediaTechnics
has announced its withdrawal from the technology deal signed between the
parties in June of this year.
(http://biz.yahoo.com/iw/080610/0405236.html).
In response to the decision by MediaTechnics to withdraw, Amergence's
president, Peter Jacobs, announced regret over the decision, stating that
the deal with MediaTechnics represented a major opportunity for Amergence.
However, Mr. Jacobs stated that the Company will continue to focus on its
core business involving leading-edge optical media enhancement technology
and will continue its efforts to advance its nascent business development
enterprise division.
The Amergence Group plans to vigorously defend against the lawsuit and has
retained local counsel, Mr. William McLaughlin of the firm, McLaughlin
Sullivan, LLP of Fresno, California. Describing the lawsuit as "akin to
extortion," Amergence's counsel stated that, in addition to responding to
the complaint, he intends to file a cross-complaint on behalf of Amergence
seeking substantial damages against Mr. Kahn based on his intentional
interference with the deal with MediaTechnics.
Amergence considers this unforeseen development to reflect a temporary
set-back. However, the Company is moving forward with its plan to file
updated financial and business information with Pink Sheets so that current
information about the Company will be available to the public.
ABOUT THE AMERGENCE GROUP
The Amergence Group's Tranzbyte division (PINKSHEETS: AMNG) focuses on the
development and marketing of its group of optical media enhancement
technology worldwide. The Company also provides innovative services and
assistance to new businesses with a goal toward accelerating their plans to
develop and market edgy or disruptive technologies.
Statements contained in this release, which are not historical facts, may
be considered "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on
current expectations and the current economic environment. We caution the
reader that such forward-looking statements are not guarantees of future
performance. Unknown risk, uncertainties as well as other uncontrollable or
unknown factors could cause actual results to materially differ from the
results, performance or expectations expressed or implied by such
forward-looking statements.
Company and Contact:
Peter H. Jacobs
Managing Directormd@amergencegroup.com
14500 N. Northsight Blvd., Suite 212
Scottsdale, AZ 85260
(480) 443-1600
Copyright ? 2008 Marketwire
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