LAS VEGAS, July 11, 2014 (GLOBE NEWSWIRE) -- EQCO2, Inc. (FKA Cleantech Transit, Inc.) (Pink Sheets:CLNO), Discovery Carbon Environmental Securities Corporation, and Crown Equity Holdings, Inc. (Pink Sheets:CRWE) today are pleased to announce that lawsuits filed by and against Crown Equity Holdings, Inc., EQCO2, and others have been settled by mutual agreement. The agreement for EQCO2 to acquire Discovery Carbon has been rescinded.
The now repudiated fraud statements about Barnwell, Sock, Sullivan, and Discovery Carbon and its products on websites and other media were based on information that had been believed to be truthful. They led to extensive misunderstandings regarding the acquisition. All parties shall make a reasonable effort to remove any disparaging written statements by them or their agents regarding any party as posted to the internet to the extent that such removal is within such party's reasonable control, power, or authority.
The parties now believe it is best for EQCO2 and for Discovery Carbon to each move forward on self-directed opportunities separately for the benefit of both companies' shareholders. William "Billy" Barnwell, Shad Sullivan, and Arnold F. Sock, Esq. have resigned from all positions they held with EQCO2. Ken Bosket and Montse Zaman, former EQCO2 directors, have been appointed directors to take over the helm of EQCO2. Barnwell, Sullivan, and Sock remain in their positions at Discovery Carbon. All agreed that this settlement is in the best interests of EQCO2, Discovery Carbon, their shareholders, and all now former litigants.
No party admitted fault and no existing financial obligations between EQCO2 and Discovery Carbon remain.
Safe Harbor Statement: This news release includes forward-looking statements pertaining to future anticipated projected plans, performance and developments, intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Any statements on this news release that are not statements of historical fact should be considered forward-looking statements. These forward-looking statements generally can be identified by phrases such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "intends," or other words or phrases of similar import. Similarly, statements in this news release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.