CanTex Energy Corporation Announces Settlement of Complaint Against World Stock Exchange LLC and Bret Reiss
January 21 2010 - 4:27PM
Business Wire
CanTex Energy Corporation (Pink Sheets: CTXE) announced today
that it has settled litigation with World Stock Exchange LLC and
Bret Reiss in the United States District Court for the Western
District Of Texas (San Antonio Division), resulting in the release
of all potential claims by WSE and Reiss and the return of
5,000,000 common shares to CanTex’s Treasury.
On March 23, 2009, CanTex Energy Corporation filed a lawsuit
against World Stock Exchange LLC (“WSE”) and Bret B. Reiss,
an individual (“Reiss” and together with WSE, the “Defendants”) in
the United States District Court for the Western District of Texas
(the “Court”) captioned CanTex Energy Corp. v. World Stock Exchange
LLC and Brett Reiss, Civ. No. SA-09-CA-0218-XR, alleging, among
other items, breach of contract, fraud and fraudulent inducement.
The litigation arose, in part, out of CanTex’s issuance of shares
of CanTex common stock to WSE, Reiss and/or their affiliates and
CanTex’s payment of monies to WSE and Mr. Reiss pursuant to the
terms of three separate agreements. On April 23, 2009, WSE and Mr.
Reiss moved to dismiss the litigation on jurisdiction grounds and
venue grounds related to clauses in the agreement. On August 4,
2009, the Court denied WSE and Reiss’ Motion to Dismiss and ordered
the parties to continue in Texas.
Shortly thereafter, on December 9, 2009, CanTex, WSE and Reiss
entered into a Settlement Agreement in order to settle the
litigation and mutually release each other of any and all claims
asserted or that could be asserted by the parties. Under the terms
of the Settlement Agreement, WSE and Reiss represented that WSE and
Reiss owned an aggregate of 5,000,000 shares of CanTex common stock
and agreed to return these shares to CanTex in consideration for
the release from CanTex. Cantex agreed to dismiss the litigation in
consideration for the return of the shares and release of all
potential claims by WSE and Reiss.
About Cantex Energy
CanTex Energy Corp. is an independent, managed risk, oil and gas
exploration, development, and production company headquartered in
San Antonio, Texas, focused on oil and gas properties. Please visit
the Company’s website at www.CanTexEnergy.com.
CanTex Energy Corp. is a Non-Reporting Company, quoted on the
Pink Sheets, having filed a Form 211 pursuant to Rule 15c2-11 under
the Exchange Act, with the NASD Compliance Unit. For real-time
quotes, purchasing Cantex Energy stock and to learn how to protect
yourself and additional stock information, please see
www.pinksheets.com.
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE
STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS
THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS IN THE PRIVATE
SECURITIES LEGISLATION REFORM ACT OF 1995. FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES, WHICH
MAY CAUSE CANTEX ENERGY'S ACTUAL RESULTS IN FUTURE PERIODS TO
DIFFER MATERIALLY FROM FORECASTED RESULTS, INCLUDING THE POTENTIAL
THAT NO COMMERCIAL QUANTITIES OF OIL OR GAS ARE FOUND OR
RECOVERABLE, THE PRICE OF OIL AND GAS, GEOLOGICAL PROBLEMS THAT
PREVENT US FROM REACHING DRILLING TARGETS AND SPECIFIC RISKS SUCH
AS THE COMPANY'S ABILITY TO RAISE FINANCING AND RISKS INHERENT IN
CANTEX ENERGY'S OPERATIONS. THESE AND OTHER RISKS ARE DESCRIBED IN
CANTEX ENERGY'S FORM 15C211 AND OTHER FILINGS WITH THE NASD AND
SECURITIES AND EXCHANGE COMMISSION.
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