ORO VALLEY, Ariz., Sept. 01, 2017 (GLOBE NEWSWIRE) -- Tautachrome, Inc. (OTCQB:TTCM) today announced that on Wednesday this week the Honorable Cynthia T. Kuhn of the Arizona Superior Court, Pima County, ruled in favor of BH Trucking, Inc., granting its motion to SET ASIDE the December 15, 2016 judgment that awarded $2,377,915 plus interest to former consultant Richard Morgan.
In its ruling, the Court found that Richard Morgan’s omission of the Share Exchange Agreement between BH Trucking Inc. (formerly known as Click Evidence, Inc.) and Tautachrome, Inc. (formerly known as Roadships Holdings, Inc.) during the default damages hearing of December 15, 2016 was highly material to a fair determination of damages.
The Court also found that the Share Exchange Agreement was signed by Morgan, and that the Agreement included an express provision addressing BH Trucking’s lack of obligation to pay the exact type of finder’s fee sought by Morgan. Judge Kuhn ordered a new evidentiary hearing on damages for 10/25/17.
In a separate proceeding before the Court, Richard Morgan had been seeking to enforce against Tautachrome, Inc. the December 15, 2016 default judgment he had obtained against BH Trucking, Inc. That proceeding has been stayed pending the outcome of the evidentiary hearing.
With the December 15, 2016 judgment having been aside by the Court, the Company will remove the associated $2,377,915 charge (plus interest) against its financials.
CEO Dr. Jon N. Leonard stated today “The Company was not the target of the Morgan vs BH Trucking litigation that resulted in the now overturned $2,377,915 judgment to Morgan. However, out of an abundance of caution we charged the judgment to our financials. It is a relief, as a result of the Court’s ruling to set aside the judgment, to have this charge to financials removed.”
About Tautachrome
Tautachrome, Inc. (OTCQB:TTCM) is an emerging growth company in the developing digital imagery technology sector. Tautachrome is an Internet technology development company. Tautachrome has revolutionary issued patent claims and three patents pending, including Talk-to-the-Picture social networking and trustable imagery-based interactions.
Safe Harbor Statement Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this paragraph and the risks and other factors detailed in Tautachrome's reports filed with the Securities and Exchange Commission. Tautachrome undertakes no duty to update these forward-looking statements.