TORONTO, May 20 /CHICAGOPRESSRELEASE.COM/ – Hybridyne Power Systems Canada Inc. (HPSC) and its founder Thomas W. Cleland announced today that they have jointly issued and filed Statements of Claim in the Ontario Superior Court of Justice at Toronto, Ontario, Canada, claiming significant damages and other relief against Atlantic Wind and Solar Limited (OTC – AWSL), Giles A. Trahan, Martin Baldwin, Aim Global Energy Inc., Dion Maynes, Brent O’Connor and Charles Mazzacato. In the aggregate, these claims total in excess of $41 Million CDN, seek injunctive relief, a disgorgement of profits and other legal sanctions. The lawsuit is an attempt to recover unpaid debts and damages resulting from AWSL’s non-payment for services-rendered, salaries and AWSL’s breach of purchase-and-sale agreement related to its prematurely announced acquisition of 47.5% of Hybridyne.
Allegations in the Statement of Claim include a significant loss of revenue and reputation through AWSL’s and certain of the Defendants’ blatant circumvention of relationships amongst HPSC and its key suppliers. In particular, the allegations include the unlawful incorporation of Aim Global Energies Inc. with the intent to circumvent HPSC’s proprietary rights to its CIT technology and key supplier relationships.
HPSC also claims that through AWSL’s extensive use of HPSC’s business contacts, technology, reputation in Ontario, and in the Renewable Energy Industry, AWSL was the exclusive beneficiary of a huge increase in their share price and market capital. Beginning with AWSL’s premature public announcement of a purportedly completed HPSC purchase in early 2009 – this and other exaggerated, publicized AWSL claims culminated in the peak value of AWSL’s share price in late 2009. The claim also alleges that AWSL, Trahan, Baldwin, O’Connor, Geneva Bancorp and unnamed others were the inappropriate beneficiaries of a huge increase in AWSL’s capital market valuation and share prices creating significant market volume into which certain of the Defendants sold their AWSL shares.
Commenting on this action, Thomas Cleland states, “This has all been very difficult and disappointing. If asked, I will do what I can to assist the appropriate Government Regulators in Canada and the US in preventing something similar from happening to another unsuspecting company.”
About HPSC ----------
Hybridyne is the Founding Member of The Hybridyne Group of Companies, Hybridyne’s experience, engineering practices, patents pending and proprietary methods & technology allow the Hybridyne Group to construct Energy Parks(C) (Utility-Scale or rooftop Solar), all exhibiting unprecedented conversion efficiencies with the resultant high yields in electricity and revenue.
SOURCE Hybridyne Power Systems Canada Inc.