Post by raidermike99 on May 2, 2007 19:38:53 GMT -5
May 02, 2007 08:08 PM Eastern Daylight Time
CMKM Diamonds, Inc. Files Lawsuit and Wins Restraining Order Against Former Insiders
TYLER, Texas--(BUSINESS WIRE)--As mentioned in the previous press release of 4-20-07, CMKM Diamonds, Inc. has recently received several boxes of corporate records revealing evidence not previously known to new management. CEO Kevin West states, “In response to this new information, I have asked Bill Frizzell to file suit in Nevada against some former Company insiders in an effort to attach some assets that I believe belong to the Company. Our investigation suggests that there may be legal action in the future against additional parties.”
The Company filed the lawsuit and a request for a Temporary Restraining Order in Nevada state court on Wednesday, 4-25-07. The restraining order was granted on Monday, 4-30-07. The lawsuit and all attachments can now be viewed on the corporate website at www.cmkmdiamondsinc.com.
Mr. West addresses all CMKM shareholders: “I cannot adequately express the gratitude I have towards the entire CMKM community for their resolve and support of our collective search for the truth. Our best chance of restoring value to the shareholders, as well as achieving some measure of justice, is represented by our current legal action. CMKM is fortunate to have such a significant shareholder base with a large number of passionate and resourceful individuals supporting our course of action. We are confident and optimistic that our goals are realistic and obtainable.”
Shareholders have been inquiring how the Company can expect to maintain operations and fund legal efforts given the present shortage of assets and an outstanding share count of over 703 billion shares. These are legitimate questions. In response, at this time we present an overview of the Company’s present objectives (with more details to be outlined in future communications).
The near-term focus of management will be to take action in pursuit of the following goals:
* Find lost/misappropriated Company funds, and return them to the Company;
* Locate those who have wronged the shareholders, recover assets from them, and if appropriate, their insurers;
* Thoroughly evaluate all pending contracts and current legal obligations to expedite the Company’s return to trading.
In the first of two CEO updates on 4/18/07, Mr. West mentioned an ongoing investigation by attorney Bill Frizzell “into the sale of bulk certs.” To this subject, Mr. West now adds, “We have evidence of the attempt by at least one specific large brokerage firm to purchase for itself, rather than simply transfer, such certificates. However, we will have an expert examining several suspect transactions.”
All attorneys hired by CMKM Diamonds, Inc. have been instructed to respond only to the Company and the Frizzell Law Firm. Responding directly to shareholder inquiries does not presently represent the productive use of their time. Please support these directions given to the Company attorneys by not making any attempts to contact them.
The Company intends to keep shareholders informed through the corporate website as events occur.
Safe Harbor Statement:
This news release contains certain “forward-looking statements” within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that actual results will meet or exceed such expectations.
Contacts
CMKM Diamonds Inc., Tyler
Kevin West, 702-946-9497
CMKM Diamonds, Inc. Files Lawsuit and Wins Restraining Order Against Former Insiders
TYLER, Texas--(BUSINESS WIRE)--As mentioned in the previous press release of 4-20-07, CMKM Diamonds, Inc. has recently received several boxes of corporate records revealing evidence not previously known to new management. CEO Kevin West states, “In response to this new information, I have asked Bill Frizzell to file suit in Nevada against some former Company insiders in an effort to attach some assets that I believe belong to the Company. Our investigation suggests that there may be legal action in the future against additional parties.”
The Company filed the lawsuit and a request for a Temporary Restraining Order in Nevada state court on Wednesday, 4-25-07. The restraining order was granted on Monday, 4-30-07. The lawsuit and all attachments can now be viewed on the corporate website at www.cmkmdiamondsinc.com.
Mr. West addresses all CMKM shareholders: “I cannot adequately express the gratitude I have towards the entire CMKM community for their resolve and support of our collective search for the truth. Our best chance of restoring value to the shareholders, as well as achieving some measure of justice, is represented by our current legal action. CMKM is fortunate to have such a significant shareholder base with a large number of passionate and resourceful individuals supporting our course of action. We are confident and optimistic that our goals are realistic and obtainable.”
Shareholders have been inquiring how the Company can expect to maintain operations and fund legal efforts given the present shortage of assets and an outstanding share count of over 703 billion shares. These are legitimate questions. In response, at this time we present an overview of the Company’s present objectives (with more details to be outlined in future communications).
The near-term focus of management will be to take action in pursuit of the following goals:
* Find lost/misappropriated Company funds, and return them to the Company;
* Locate those who have wronged the shareholders, recover assets from them, and if appropriate, their insurers;
* Thoroughly evaluate all pending contracts and current legal obligations to expedite the Company’s return to trading.
In the first of two CEO updates on 4/18/07, Mr. West mentioned an ongoing investigation by attorney Bill Frizzell “into the sale of bulk certs.” To this subject, Mr. West now adds, “We have evidence of the attempt by at least one specific large brokerage firm to purchase for itself, rather than simply transfer, such certificates. However, we will have an expert examining several suspect transactions.”
All attorneys hired by CMKM Diamonds, Inc. have been instructed to respond only to the Company and the Frizzell Law Firm. Responding directly to shareholder inquiries does not presently represent the productive use of their time. Please support these directions given to the Company attorneys by not making any attempts to contact them.
The Company intends to keep shareholders informed through the corporate website as events occur.
Safe Harbor Statement:
This news release contains certain “forward-looking statements” within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that actual results will meet or exceed such expectations.
Contacts
CMKM Diamonds Inc., Tyler
Kevin West, 702-946-9497