District Court Enforced JNS Power & Control Systems' Asset Purchase Agreement with 350Green LLC
CHICAGO, Sept. 25, 2013 /PRNewswire/ -- JNS Holdings Corporation (OTC Markets Group: JNSH) today announced that its subsidiary JNS Power & Control Systems, Inc. ("JNS Power") has received a favorable ruling in its lawsuit against 350 Green, LLC ("350 Green") for enforcement of an Asset Purchase Agreement with 350 Green. Under the terms of the Asset Purchase Agreement, 350 Green, an owner and operator of electric vehicle ("EV") charging stations throughout the country, contracted to deliver to JNS Power its chargers and license agreements with property owners, all of which are located in the Chicagoland area. On September 24, 2013, the U.S. District Court for the Northern District of Illinois, Judge Elaine Bucklo issued a ruling ordering 350 Green to deliver the chargers and licenses as contracted in the Asset Purchase Agreement. In her ruling Judge Bucklo also ruled that the claim made by one of JNS Power's competitors, Car Charging Group, Inc. ("CCGI"), concerning the Asset Purchase Agreement were without merit and found in favor of JNS Power in denying CCGI's claim.
"JNS Power is looking forward to getting this federally-funded City project back on track to provide an efficient network of car charging stations to the entire Chicago metropolitan area," said Brian Howe, JNS Power's Chief Executive Officer. "We entered into the Asset Purchase Agreement with 350 Green in April fully prepared to complete the Chicago project in the timely matter required by the grant and have worked since then to expedite the court's resolution of these matters. We have always maintained that CCGI's claims against JNS were baseless. Now we have a federal judge who agrees with us," Howe said.
Kelly McCloskey Cherf, partner of Hogan Marren, Ltd., attorney for JNS Power, added, "We believe the Court's decision was well-reasoned and very persuasive. Judge Bucklo soundly rejected all of CCGI's arguments, finding many of them unsupported by the undisputed facts established in this case and the controlling law. She held that under the unambiguous terms of the Asset Purchase Agreement and related contracts, 350 Green had the right to assign the electric chargers and its interests in leases, licenses and agreements with the hosts for the chargers to our client, JNS and has ordered 350 Green to assign those assets to JNS Power. Our client is obviously satisfied with the Court's decision, and the expedited nature by which the Court rendered its decision."
This press release does not constitute an offer of any securities for sale. This press 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. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE Hogan Marren, Ltd.