VANCOUVER, British Columbia, June 20, 2018 (GLOBE NEWSWIRE) — Targeted Microwave Solutions Inc. (“TMS” or the “Company”) announced today that it has entered into a comprehensive release agreement (the “Consulting Release Agreement”) with Broz & Robinson LLC (“BRC”) relating to a dispute arising from the Company’s previous consulting agreement with BRC. Additionally, the Company announced today that it has entered into a comprehensive settlement and release agreement (the “Virginia Lease Settlement Agreement”) with David S. Robinson Jr. and Mike Broz (the “Virginia Landlords”), relating to several disputes arising from the Company’s previous land lease in King William, Virginia.
Under the terms of the Consulting Release Agreement, BRC and the Company released each other from any and all obligations and liabilities relating to TMS’s previous consulting agreement with BRC, including past claims by BRC against TMS for fees and expense reimbursements.
Under the terms of the Virginia Lease Settlement Agreement, the Company agreed to transfer title of its King William research plant and equipment to the Virginia Landlords in exchange for a comprehensive release of any claims, demands, and liabilities arising from the Company’s previous activities on the leased lands, including but not limited to claims relating to alleged environmental contamination.
On behalf of the Board of Directors,
“Dr. James Young”
Chief Executive Officer and Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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