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JNS Power & Control Systems to Receive Title to 350 Green, LLC's Chicago Project Assets
JNS Power & Control Systems to Receive Title to 350 Green, LLC's Chicago Project Assets.
About this update from Jns Holdings Corporation
[{"type":"text","content":"CHICAGO, Oct. 24, 2013 /PRNewswire/ -- Attorneys for JNS Holdings \nCorporation (OTC Markets Group: \"JNSH\") and JNS Power & Control Systems, Inc. (\"JNS Power\") \nobtained a pledge from the attorney for 350 Green, LLC (\"350 Green\") during \nfederal court proceedings last Friday, October 18, \n2013, that 350 Green would deliver all of the 219 chargers contemplated \nin the April 17, 2013 Asset Purchase Agreement \nbetween JNS Power and 350 Green by Friday, October \n25, 2013. Delivery of the chargers, the 168 already installed at \nelectric vehicle (\"EV\") charging stations throughout the Chicagoland area, and \nan additional fifty-one (51) Level II chargers, as well as the license \nagreements with property owners, was required by the September 24, 2013 decision by U.S. District Court Judge \nElaine Bucklo. In that decision, the court \nordered specific performance under the Asset Purchase Agreement by 350 Green and \nrejected the claims of JNS Power's competitor, Car Charging Group (\"CCGI\"), \nwhich had filed the federal court action in Chicago seeking to have the \nAsset Purchase Agreement declared void.\nKelly \nMcCloskey Cherf and Patrick \nDeady of Hogan Marren, Ltd. in Chicago, the attorneys for JNSH \nand JNS Power, said that their clients had been seeking the transfer of the \nassets since the September 24th ruling so \nthat JNS Power could complete a federally funded energy grant with the City of \nChicago. \"When two weeks had passed and JNS Power still did not have a bill of \nsale for the chargers, we were compelled to seek the assistance of Judge \nBucklo. On October 9, 2013, we filed a motion for \nan order directing 350 Green to show cause why it should not be held in contempt \nfor failing to perform as directed by the court's September \n24, 2013 order.\"\nAt a hearing on JNS Power's contempt motion, Michael Bernstein, attorney for 350 Green and \nCCGI, informed Judge Bucklo that issues with respect to the Chicago Project \nchargers were in the process of being resolved and that a bill of sale for the \n168 chargers already installed at EV charging stations, as well as the remaining \nchargers described in the agreement would be delivered to JNS no later than \nFriday, October 25, 2013. Mr. Deady advised the \nCourt that attorneys for JNS had been working diligently...