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Voip-Pal.Com Provides Status Update of Ongoing Share Cancellation EffortsVoip-Pal.com, Inc. ("Voip-Pal," "Company") (OTC Pink: VPLM) provided an update on the status of its ongoing efforts to cancel and return to the treasury over 100 million shares of VPLM stock frozen since October 2014. On July 2, 2015, the Company filed suit against Locksmith Financial Corp., TK Investment, Richard G. Kipping, and Terry Kwan in U.S. federal court for the District of Nevada. The complaint alleges the Defendants systematically conspired, schemed, and defrauded Voip-Pal and its shareholders out of millions of shares of stock through a series of deceptive debt conversions, stock issuances, and non-cash accounting transactions. The Company is asking the courts to return these shares to the Company as well as other relief for damages. In an attempt by Locksmith Financial to unfreeze the shares a suit was filed by them in Nevada state court vs. Voip-Pal, (CASENO.: A-15-717491-C). On July 7, 2015, Locksmith's complaint was dismissed for failure to state a cause of action. Locksmith was allowed one day to file a new complaint which they did on July 8, 2015. A hearing to determine whether the new complaint states a cause of action has been scheduled for July 29, 2015. A total of 103 million shares (95.8 million issued to Locksmith Financial and 7.2 million issued to TK Investments) have been frozen by the Voip-Pal Board since October 2014. While conducting an internal audit last year, the Company discovered share issuances dated prior to 2012 that lacked proper documentation and sufficient proof of debt. After several unsuccessful attempts to secure the documentation from Locksmith, the Company referred the case to FINRA, who in turn referred the case to the SEC (News - Alert) Denver Regional Office. "The assessment of our legal counsel is for positive shareholder outcomes," stated Dr. Thomas Sawyer, Voip-Pal Director. "We were very happy to assist FINRA last year with their investigation of Locksmith. It is a top priority of ours to complete the legal process necessary to return those shares to the treasury and increase the value to our shareholders." About Voip-Pal.com Inc. Voip-Pal.Com, Inc. ("Voip-Pal") is a publicly traded corporation headquartered in Bellevue, Washington. The Company owns a portfolio of patents relating to Voice-over-Internet Protocol ("VoIP") technology that it is currently looking to monetize. www.voip-pal.com IR inquiries: [email protected]
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