updated 9/14/2010 12:17:26 PM ET 2010-09-14T16:17:26

CARSON CITY, Nev., Sept. 14, 2010 (GLOBE NEWSWIRE) -- Tactical Air Defense Services, Inc. (OTCBB:TADF), an Aerospace/Defense Services contractor that offers air-combat training, aerial refueling, aircraft maintenance, disaster relief services, and other Aerospace/Defense services to the United States and Foreign militaries and agencies, is pleased to announce that it is has prevailed in its civil litigation action against Mark Daniels ("Daniels"), its former CEO.

As disclosed in Tactical Air Defense Services' ("TADF") Form 10-Q for the period ending June 30, 2010, on March 4, 2010, TADF filed litigation against Daniels and various entities affiliated with or controlled by Daniels, in the Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida, for temporary and permanent injunctive relief, damages, and other relief for breach of contract, breach of fiduciary duty and duty of loyalty, tortuous interference with advantageous and contractual relationships, and for misappropriation, misuse, and conversion of trade secrets and confidential business information.

On September 7, 2010, Palm Beach County Circuit Court Judge Jack S. Cox ruled in favor of TADF and imposed additional findings and sanctions on Daniels, including but not limited to:

  • Since leaving TADF, Daniels has been actively participating in attempts to compete with TADF and has violated his non-compete agreement with TADF;
     
  • Daniels, acting individually or in concert with any company or entity he is directly or indirectly involved in, is immediately enjoined from and ordered to cease and desist and to refrain from engaging in any and all acts of competition with TADF;
     
  • Daniels' non-compete agreement shall begin anew from September 7, 2010;
     
  • Daniels lied under oath at the March 25th, 2010 Court Hearing and continued to lie under oath at the September 7, 2010 hearing;
     
  • Daniels was found in Contempt of Court for having made false statements under oath;
     
  • Daniels was immediately sentenced to 5 months, 29 days in confinement at the Palm Beach County Jail, subject to being released after 2 days and being on probation for 5 months, 27 days;
     
  • In addition, the Court sanctioned Daniels by striking all of his pleadings because it found that Daniels set in motion a series of events and intentionally provided testimony for the purpose of hindering, delaying, and otherwise defeating the proper administration of justice.

Alexis C. Korybut, Chief Executive Officer of TADF, stated, "We are very pleased that justice has been served on Mr. Daniels who has repeatedly and maliciously attempted to harm TADF through various means including two recent frivolous Chapter 7 bankruptcy petitions that were immediately dismissed. The September 7th ruling from Judge Cox effectively neutralizes Mr. Daniels going forward. In addition, in light of the Court Order striking Mr. Daniels' pleadings, TADF fully intends to pursue and obtain a final judgment against Mr. Daniels for the damages caused by his actions, including but not limited to cancellation of Mr. Daniels' approximately 278 million shares of TADF stock and $160,000 promissory note that were improperly issued to him during his employment with TADF."

Further information about TADF is available on our website: www.tads-usa.com.

Safe Harbor Statement          

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 1.97%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.70%
13.70%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.17%
17.17%
Source: Bankrate.com