Revolutions Medical Garners Arbitration Award for Fraud and Other Claims Against Former Manufacturer MIG and Former Consultant Richard Theriault [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Revolutions Medical Corp. has prevailed in its case before the American Arbitration Association (AAA) against former manufacturer Medical Investment Group, Inc. (MIG) and former consultant Richard Theriault.
According to a release, AAA awarded the Company $770,000, in addition to interest, legal fees, and other arbitration costs, which will total close to $1 million dollars. MIG and its alter ego, Theriault, were found to have committed fraud in the inducement and breach of contract. Further, AAA found that neither MIG nor Theriault has any rights to any of the Company's intellectual property, proprietary information, trademarks, production equipment or designs related to the issues arbitrated in such proceeding.
Chief Executive Officer and Chairman of the Board of Revolutions Medical, Ron Wheet, stated, "Once again we have prevailed in the legal arena and we will continue to protect our valuable proprietary technology. Our legal team sees this ruling by the American Arbitration Association as having a domino effect on Mr. Theriault and his cohorts in our other South Carolina legal disputes. The actions of Mr. Theriault and his cohorts have delayed the Company's production regarding the RevVac safety syringe by at least one year, but we can now begin to put these legal battles behind us."
Revolutions Medical is a safety medical device and software application company.
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