Jul 20, 2010 (M2 PRESSWIRE via COMTEX) -- Braintree,Ma. LevelStock.com is pleased to announce to all of its members and investors information on MSGI Security Solutions Inc, (OTCBB: MSGI). The Company recently released news as follows:
MSGI Security Solutions Inc, (OTCBB: MSGI) today made an update to its shareholders on the litigation filed against various Hyundai entities.
On July 21, 2009, MSGI filed a Complaint against Hyundai Syscomm Corporation, Hyundai Syscomm Inc, Apro Media Corporation, Apro Media Co Ltd, Hirsch Group LLLP, Hirsch Capital Corporation and various individuals who are officers of the aforementioned business entities demanding a jury trial. The Complaint was filed in United States District Court, Northern District of California.
The Complaint cited multiple causes of action including but not limited to: Federal RICO Violations, Fraud; Including Concealment, Negligent Misrepresentation, Breach of Contract, Conversion, Unjust Enrichment, and Unfair Business Practices. MSGI is seeking a judgment for direct damages and consequential damages related to all claims in an amount in excess of $60 million.
On July 12, 2010 the court made a ruling denying the second motion for dismissal filed by the Defendants. All of the causes of action alleged by MSGI, with the exception of the conversion cause of action remain, including claims for alter ego. This was the second effort on behalf of the Defendants to dismiss the various causes of action. At this stage, discovery is beginning and MSGI is waiting for the court to provide a date for the jury trial.
About MSGI
MSGI Security Solutions, Inc. is a provider of proprietary solutions to commercial and government organizations. MSGI is developing a combination of innovative emerging businesses that commercialize best of breed technology. The Company is based in New York and San Francisco. More information on MSGI is available on the company's website at www.msgisecurity.com.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from the Company's expectations.
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