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District Court Enforced JNS Power & Control Systems' Asset Purchase Agreement with 350Green LLC
District Court Enforced JNS Power & Control Systems' Asset Purchase Agreement with 350Green LLC.
About this update from Jns Holdings Corporation
[{"type":"text","content":"\n\n\n\n\n\n\n\nDistrict Court Enforced JNS Power & Control Systems' Asset Purchase Agreement with 350Green LLC\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nDistrict Court Enforced JNS Power & Control Systems' Asset Purchase Agreement with 350Green LLC\n\nPR Newswire\n\nCHICAGO, Sept. 25, 2013\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCHICAGO, 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. \n\n\n\"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 ...