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Voip-Pal.Com Provides Status Update of its Lawsuit vs Richard Kipping and Terry Kwan to Cancel and Return Over One Hundred Twenty-Four Million Seven-Hundred Eighteen Thousand (124,718,000) Shares to its TreasuryVoip-Pal.com, Inc. ("Voip-Pal," "Company") (OTC Pink: VPLM) provided an update on the status of legal actions to cancel and return to treasury over 100 million shares of VPLM stock frozen since October 2014. The Company filed a counterclaim and third party complaint in case Clark County (Nevada) District Court case A-15-717491-C. The Counter-defendants named were: LOCKSMITH FINANCIAL CORPORATION, INC., a British Columbia entity; TALISMAN FINANCIAL, INC., a Belize entity; VHB INTERNATIONAL LTD, a Belize entity; CACTUS VENTURES, INC, a Belize entity. The Third-Party Defendants named in the counter complaint were: TK INVESTMENT, a British Columbia entity; RICHARD G. KIPPING, an individual, TERRY KWAN, an individual. In its counter-claim, Voip-Pal alleges: Kipping, Kwan, Locksmith, and TK Investments, through a series of deceptive debt conversions, stock issuances, and noncash accounting transactions, systematically conspired, schemed, and defrauded Voip-Pal and the shareholders of Voip-Pal out of additional millions of shares of Voip-Pal stock. In addition to the three above named offshore Belize entities, the Counterdefndants and Third-Party Defendants involved a network of twelve additional offshore and related entities for a total of fifteen offshore entities utilized to hide their unlawful transactions and transfers. The twelve additional offshore entities named in the counterclaim are 3M (News - Alert) Investments Company, Inc., Caledonian Securities LTD, Caledonian Bank LTD, Red Arrow Investments, Inc., Platinum Tribe, Inc., Cayman Institutional Bank, Brown Brothers Harriman & Co., Beaufort International Associations, Undiscovered Equities, Greenland Capital LTD, Paramount Trading Company and NSG Fund, Inc. By running their stock transactions through Locksmith/TK Investments and then through the Offshore Entities, Kipping and Kwan were able to have their suspect liquidations facilitated by his unlawful broker-dealers, without the scrutiny that the transactions demanded. Generally, Kipping and Kwan transferred shares to one of the Offshore Entities within 24 hours of the debt-conversion transaction. Among the alleged fraudulent transactions is a $360,000 debt to stock conversion in which Kipping and Kwan caused that Voip-Pal, without Voip-Pal's knowledge or approval, issue 36,000,000 shares of Voip-Pal common stock to Locksmith in exchange for settlement of the $360,000 sham loan. At the time of the of the $360,000 debt to stock conversion, the 36,000,000 shares of Voip-Pal common stock had an actual market value of approximately $4,860,000. Among other relief for damages Voip-Pal is also asking the court to cancel and return to treasury 124,718,000 shares transferred by Locksmith, Kipping, TK Investments, and Kwan to off-shore entities, including the Talisman, Cactus Ventures, and VHB International. The complete filing will be posted on the Company's website www.voip-pal.com. About Voip-Pal.com Inc. Voip-Pal.Com, Inc. ("Voip-Pal") is a publicly traded corporation (OTC Pink: VPLM) 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.
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