News
Court ruling in favour of Tyratech
01 June 2011
The Company is pleased to announce that the New York Supreme Court, Appellate Division of New York County issued a ruling on 26 May 2011 entering judgment in favour of TyraTech and against Molecular Securities, Inc. ("Molecular") and dismissing Molecular's complaint in it entirety.
In November of 2008, Molecular filed a Complaint against the Company asserting claims for breach of contract and quantum meruit. Molecular alleged that it was owed US$2,760,470 for services it allegedly provided to TyraTech plus interest, attorneys' fees and costs.
The Company strongly refuted this claim and vigorously defended itself throughout the lawsuit. As a result the Company did not record any liability to this contingency.
Molecular may choose to appeal the ruling with the Court of Appeals (New York's highest court) in which case the Company will continue to defend itself and continues to believe that the recording of any liability is inappropriate as Molecular's claims are meritless.
For further information please contact:
TyraTech Inc.
| Alan Reade, Executive Chairman | Tel: +1 321 409 7731 |
| Brewin Dolphin Limited: Matt Davis/Iain Marlow |
Tel: +44 113 241 0138 |
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