Litigation Update
08 Julho 2013 - 3:21PM
OTC Markets
Contact
Information:
The Stephan Co.
1850 W. McNab Rd.
Ft. Lauderdale, FL 33309
email: steverolle@thestephanco.com
Steve Rolle, Chief Financial Officer
954-971-0600
The Stephan Co. Announces Entry
of a Verdict in the Litigation brought against it and its
subsidiaries by Trevor Sorbie International,
Plc.
On June 19, 2013 the trial
court in Trevor Sorbie International, Plc. v. Sorbie Acquisition
Co. entered a judgment
in favor of Trevor
Sorbie International, Plc . The court ruled that The Stephan
Co. must convey all right, title and interest in the trademarks for
the Trevor Sorbie hair products to Trevor Sorbie International,
Plc. The court also
entered a judgment for $1,996,928.52 against Sorbie Distributing
Company. Sorbie
Distributing Company is a wholly owned subsidiary of the Sorbie
Acquisition Co. Sorbie
Acquisition Co is a wholly owned subsidiary of The Stephan
Co.
The sole operations and assets
of the Sorbie Distributing Company relate to the sale of Trevor
Sorbie hair products which in the recent years has been an
approximately $200,000 a year revenue business. Sorbie Distributing Company has
minimal assets.
The court also ruled that the
value of the Trevor Sorbie hair product trademarks would reduce the
judgment entered against Sorbie Distributing Company. The Court is to determine the
value of the trademarks at a later date upon motion of either party
to the litigation.
Trevor Sorbie International, Plc, as the prevailing party, may also
apply to the Court for an award of costs and attorneys
fees. Either of the litigants also
has the right to appeal the verdict, for thirty days from its
entry. The Stephan Co.
has not decided whether to appeal the verdict. Trevor Sorbie International, Plc
may appeal the verdict, as it was not successful in obtaining a
judgment against The Stephan Co, which it had sought.
The case Trevor Sorbie
International, Plc. v. Sorbie Acquisition Co. (Case No.
05-14908-09) was instituted in March 2007, in the Circuit Court of
the 17th Judicial Circuit in and for Broward County,
Florida. In the
litigation, Trevor Sorbie International, Plc sought to collect
against The Stephan Co. a judgment of $720,139 plus interest that
was entered against Sorbie Acquisition Co. by a Pennsylvania state
court on October 30, 2005. The Pennsylvania state court
entered the judgment based on a arbitration award arising from
Sorbie Acquisition Co. owing past due royalty payments to Trevor
Sorbie International, Plc. At the time of the instant
litigation, the Pennsylvania state court judgment had increased as
a result of accrued interest to $1,996,928.52.
About The Stephan Co.
The Stephan Co. (OTCPink Market: STPCO) is the manufacturer of
beauty and grooming products and has been serving beauty and barber
industry since 1897.
The Company?s web site is www.thestephanco.com.
Certain statements and information included in this press release
constitute ?forward-looking statements? within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. When used
in this press release, the words or phrases ?will likely result,?
?are expected to,? ?will continue,? ?is anticipated,? ?estimate,?
?projected,? ?intend to? or similar expressions are intended to
identify ?forward-looking statements? within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks, known and unknown, and uncertainties,
including but not limited to economic conditions, dependence on
management, our ability to compete with competitors, dilution to
shareholders, and limited capital resources.
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