RENO, Nev., Sept. 22. 2014 – PPJ Enterprise (OTC Pink: PPJE) (PINKSHEETS: PPJE) plans to seek a new trial following the verdict in its collection lawsuit against a Santa Clarita-based physician and former company board member.
A jury on Friday awarded PPJ Enterprise nearly $300,000 in its suit against Dr. Narinder Grewal. The company had been seeking more than $3 million it claimed Grewal had improperly obtained from company coffers during the period of 2001-07.
Company officials say they plan to seek a new trial based on inconsistencies in the jury’s findings as well as potential juror error in determining the amount of punitive damages while jury findings regarding fraud committed by Grewal was ruled in the suit. PPJ Enterprise has also indicated it believes there been multiple instances of admitted evidence tampering in the case.
“We are obviously disappointed with the outcome,” PPJ Enterprise CEO Chandana Basu said of the decisions, which was announced Friday in Los Angeles Superior Court. “However, we do feel vindicated that the jury ruled that there were improper activities on the part of Dr. Grewal. The Company will be seeking a new trial in this case.”
As part of its ruling, the jury found that Grewal was in breach of contract with PPJ Enterprise but no damages were awarded and for breach of his fiduciary duties as a member of the company’s board of directors $300,100 was awarded.
In addition, the jury agreed with PPJ Enterprise’s assertion that Grewal utilized the company’s trade secrets. However, jurors only awarded the company $1 in damages on that count.
Despite, the verdict, Basu remained optimistic about the company’s financial outlook.
“At this point, we are looking forward to the future with a tremendous amount of optimism as PPJ Enterprise is in a position to take advantage of several promising opportunities to grow as a company and increase revenues,” Basu said.
As always, PPJE management advises shareholders, company followers and prospective investors to contact their financial advisors if they have any questions or concerns about their individual accounts and investment choices.
Regarding other news and events, the company reminds its followers to monitor OTC Markets filings tab for further newsworthy events and corporate updates, which will follow as they happen (http://www.ppjenterprise.com).
Forward-looking Statements
Information in this release may contain statements about future expectations, plans, prospects or performance of PPJ Enterprise that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases “can be,” “expects,” “may affect,” “believed,” “estimate,” “project” and similar words and phrases are intended to identify such forward-looking statements. PPJ Enterprise cautions you that any forward-looking information provided by or on behalf of PPJ Enterprise is not a guarantee of future performance. None of the information in this press release constituted or is intended as an offer to sell securities or investment advice of any kind. PPJ Enterprise’s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond PPJ Enterprise’s control. In addition to those discusses in PPJ Enterprise’s press releases, public filings and statements by PPJ Enterprise’s management, including, but not limited to, PPJ Enterprise’s estimate of sufficiency of its existing capital resources, PPJ Enterprise’s ability to raise additional capital to fund future operations, PPJ Enterprise’s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match PPJ Enterprise’s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. PPJ Enterprise does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made to reflect the occurrence of unanticipated events.
PPJ Enterprise
1105 Terminal Way, Suite 202
Reno, Nevada 89502
Telephone: (775) 348-5735
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