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SOURCE BabelSecure LLC
In the news release, BabelSecure announces litigation against Spindle Inc., issued today by BabelSecure LLC over PR Newswire, we are advised by the company that the headline should read "BabelSecure announces litigation against Spindle Mobile Inc, aka Spindle Inc." rather than "BabelSecure announces litigation against Spindle Inc." as originally issued inadvertently. The complete, corrected release follows:
TUCSON, Ariz., March 14, 2013 /PRNewswire/ -- BabelSecure LLC announced today that a lawsuit was filed on December 6, 2012, in the Superior Court of the State of Arizona (docket number C201127533) by two principal shareholders, Mr. Mark Ogram and Mr. Wayne Rod, against Spindle Mobile Inc., the predecessor to Spindle Inc. (SPDL). Included in the lawsuit are the individual members of the Spindle Inc. Board of Directors. The lawsuit states that Spindle Mobile Inc. is also known as Spindle Inc. and RhinoPay.
Spindle Inc. is based in Scottsdale, Arizona and provides mobile payment solutions for the banking industry, retails sector and consumer-facing companies. A principal product of the company is known as RhinoPay. Its Board of Directors includes Mr. John Devlin, Mr. R. Glenn Bancroft, and Mr. David J. Ide.
The lawsuit claims Breach of Contract as well as Conversion of the shares held by Mr. Ogram and Mr. Rod. The Breach of Contract portion of the lawsuit relates to an intellectual property license with Spindle Mobile. This intellectual property may improperly be contained within Spindle Inc.'s payment processing platform.
The Conversion portion of the lawsuit relates to the failure of the board of directors of Spindle Inc. to give the statutory required notice of a shareholder meeting held on October 29, 2012, to Mr. Ogram and Mr. Rod, thereby controlling the voting at the shareholder meeting. Further, the company has refused to release the shares as requested by Mr. Ogram and Mr. Rod. At this shareholder meeting, three million additional shares of Spindle Inc. were authorized to compensate the Spindle Inc. Board of Directors as well as other entities.
"A company should stand by its word and follow the laws to protect its shareholders," Mark Ogram has said.
If Mr. Ogram and Mr. Rod are successful in their action, the total damages will exceed two million dollars.
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