|By Marketwired .||
|July 24, 2014 10:20 AM EDT||
EFFINGHAM COUNTY, GA -- (Marketwired) -- 07/24/14 -- Medient Studios, Inc. (PINKSHEETS: MDNT) announced today that the Company's former CEO, Manu Kumaran's application for receivership and a preliminary injunction were denied. In addition, the Court awarded attorney fees to the Company.
"We are pleased with the Court's rulings and appreciate the efforts of our attorney, Kent Robison, from the prestigious law firm of Robison, Belaustegui, Sharp and Low in his advocacy on behalf of the Company," stated Jake Shapiro, CEO of Medient Studios. Mr. Shapiro continued, "although a positive outcome was expected, it is certainly good news."
While Mr. Kumaran's applications for injunctive relief were denied in full, the underlying litigation which was not the subject of the Court's Order will proceed. The Company will vigorously defend the action and expects it to be resolved favorably.
Medient Studios, Inc. (PINKSHEETS: MDNT) ('Medient') (www.medient.com) is an Effingham County, Georgia based film production company. The company has leased a 1,560 acre property for the construction of a full service film production facility.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
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When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
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