APPLIED NANOSCIENCE INC. ANNOUNCES SUCCESSFUL OUTCOME OF COMPLAINT FILED AGAINST NANO MASK, INC. (d/b/a NMI HEALTH, INC.)
Applied Nanoscience Inc. (ANI) is pleased to announce that on July 11, 2013, a jury awarded a $482,188 judgment in favor of ANI, stemming from cash loans given to NMI Health, Inc. dating back to late 2007 and early 2008. The jury returned a defense verdict in favor of ANI and against NMI Health, Inc. on the counterclaims filed by NMI Health, Inc.
ANI also commenced filing motions with the Nevada Courts for attorney fees and pre-trial interest as a result of the outcome. On October 21, 2013, an amended judgment in the amount of $601,040.63 was entered to include the granting of both attorney fees and pre-trial interest by the Court of Nevada.
APPLIED NANOSCIENCE INC. TERMINATES SETTLEMENT AGREEMENT WITH NMI HEALTH, INC. FOR NON-PAYMENT
Applied Nanoscience Inc. (ANI) is discouraged to announce the formal termination of the Settlement Agreement (the Agreement) with NMI Health, Inc. which became effective on April 3, 2014. The Agreement was formally terminated on July 24, 2014 after repeated assurances of payments were not made and the default notice sent on June 24, 2014 went uncured. ANI had accepted payment terms requested by NMI Health, Inc. allowing a delay in the first payment until May 1 and subsequent payments due on July 15 and October 15. The first payment was never completed. The Agreement would have allowed for the granting of a full release in exchange for approximately 29 cents on the dollar. Prior to formal termination, ANI clearly communicated the financial impact of any future negotiations.
The original judgment for $601,040.63 entered by the Court of Nevada on October 21, 2013 will now grow to over $615K with post-judgment interest as a result.
Applied Nanoscience Inc.
1902 Wright Place Suite 200
Carlsbad, CA 92008