Legal Update
19 Julho 2013 - 3:33PM
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. (the "Company")
Announces Appeal Filed by Trevor Sorbie International,
Plc.
in the Trevor Sorbie
International, Plc. v. Sorbie Acquisition Co. et al,
Litigation
Trevor Sorbie International, Plc. filed an appeal of the
trial court's decision entered in Trevor Sorbie International, Plc.
v. Sorbie Acquisition Co. As previously announced by the
Company, the trial court's decision dated June 19, 2013, and
entered on June 21, 2013, ruled that the Company 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
Corporation. Sorbie
Distributing Corporation is a wholly owned subsidiary of the Sorbie
Acquisition Co. Sorbie
Acquisition Co is a wholly owned subsidiary of The Stephan
Co. The court also
ruled that the value of the Trevor Sorbie hair product trademarks
would reduce the judgment entered against Sorbie Distributing
Corporation.
The case Trevor Sorbie
International, Plc. v. Sorbie Acquisition Co. (Case No.
05-14908-07) 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.
Michael Smith, President and Chief
Executive Officer of the Company, stated: ?The Company is
disappointed that the litigation will continue due to the
appeal."
About The Stephan Co.
The Stephan Co. (OTCPink Market: SPCO) 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.
Stephan (PK) (USOTC:SPCO)
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