SITI-Sites.com Files Form 8-K on Material Lawsuit Against Former Employees
November 21 2003 - 11:27AM
PR Newswire (US)
SITI-Sites.com Files Form 8-K on Material Lawsuit Against Former
Employees NEW YORK, Nov. 21 /PRNewswire-FirstCall/ --
SITI-Sites.com, Inc. (symbol: SITN.PK), filed a Report of a
Significant Event on Form 8-K with the SEC on November 17, 2003,
readily available on the EDGAR system. The Report states: "ITEM 1.
LEGAL PROCEEDINGS" SITI-Sites.com, Inc. (the "Company") filed a
civil suit in the United States District Court for the Southern
District of New York on November 12, 2003. The Company's Complaint
alleges that its patent attorneys and departing patent licensing
executives, in late 1998 and thereafter, purchased its valuable
patents on cell-phone technology for $24,000 by concealing their
nature and value. The defendants have realized $10 million in gross
proceeds therefrom, to date. The Company's claims arise from a
period when it was previously named Spectrum Information
Technologies, Inc. The claims all stem from the alleged breach of
fiduciary duties by the defendants. The claims have been under
investigation by the Company under counsel's supervision, for the
past few months. The Company is seeking damages in excess of $10
million, and a court-ordered trust on future proceeds from its
former patents. This is complex litigation, expected to be
contested vigorously by several defense firms and to continue for
several years. No assurance can be given as to the ultimate outcome
thereof. Martin M. Green, Esq. and his firm of Green, Schaaf &
Jacobson, P.C. based in Clayton, Missouri, have been retained as
the Company's Special Counsel, for the litigation and ultimate
trial of this matter. The Company has retained Gary Cooper, Esq.
and Cooper & McCann, LLP. as its New York Counsel. DATASOURCE:
SITI-Sites.com, Inc. CONTACT: Toni-Ann Tantillo of SITI-Sites.com,
Inc., +1-212-925-1181 Web site: http://www.siti-sites.com/
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