CARSON CITY, Nev., Oct. 25 /PRNewswire/ -- Geneva Resources, Inc. (the "Company") (OTC Bulletin Board: GVRS) is very pleased to announce that litigation commenced by Stacey Kivel, a former director and the former President & CEO of the Company, against the Company and several officers, directors and other individuals, has been settled with the Company making a nominal payment of US$40,000 in full settlement of all claims. The officers, directors and other individual defendants were never served with the complaint but were included in the settlement.
The claims of Stacey Kivel centered around her Executive Services Agreement dated May 24, 2007. Ms. Kivel had started employment with the Company on May 1, 2007 and the Company terminated her services and her related services agreement on July 12, 2007. On October 26, 2009 Ms. Kivel commenced legal proceedings claiming breach of contract and wrongful dismissal, amongst other things. Ms. Kivel had claimed US$300,000 plus costs. The Company is pleased to advise that the Company agreed to pay Stacey Kivel only US$40,000, well below estimated defense costs, in aggregate in full settlement of all claims and costs of Ms. Kivel. Ms. Kivel has expressly agreed in writing that she is not entitled to any other payment and that she will have received all wages, bonuses, incentives, benefits or other compensation due to her for her services rendered to the defendants.
The Company is very pleased with the conclusion of the legal proceedings and looks forward to now proceeding with its mineral exploration business.
About Geneva Resources, Inc.
Geneva Resources, Inc. is a mineral exploration company focusing on precious metals.
For further information see: www.genevaresourcesinc.com
Symbol: OTCBB – GVRS; Frankfurt/Berlin Symbol – R3M, WKN No.: A0MMCN; ISIN: US3722371073
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SOURCE Geneva Resources, Inc.