2013-12-09 15:07:47 -
Lawsuit Brought Against the Company and Officers is Dismissed with Prejudice and Concluded in Entirety
HENDERSON, Nev., December 09, 2013 /FSC/ - Double Crown Resources, Inc. (OTCQB:DDCC),a fully reporting company (hereinafter, "Double Crown"), is very pleased to inform its shareholders that a legal action brought against the company, its officers and some associates on May 6, 2013 has now been dismissed with prejudice by the court system. The case was concluded without damages or penalties to Double Crown and will therefore no longer be a factor effecting our operations, finances or future plans. This is the most positive outcome of the case possible for Double Crown and a full vindication of management's ongoing mission to work wholeheartedly for enhancement of
DDCC shareholder value.
On December 4, 2013, the United States District Court for the District of Nevada entered an order dismissing with prejudice a previously disclosed derivative lawsuit filed by shareholder Falco Investments and non-shareholder Leslie Rutledge against certain current and former officers and directors of the Company and its former outside counsel. In dismissing the lawsuit, the Court adopted in full the Magistrate Judge's November 15, 2013 report and recommendation of dismissal, based on the plaintiffs' "failure to comply with multiple orders" including an order instructing plaintiffs to show cause why they should not be sanctioned and/or why the Magistrate Judge should not recommend that default judgment be entered against them for failure to prosecute and failure to comply with a prior order. The Court's order of dismissal stated that "Plaintiffs were given multiple opportunities to comply with Orders from the Court, and Plaintiffs have not only failed to comply, but have also failed to enter any appearance in months," and directed the Clerk to enter judgment accordingly. The Order and Judgment conclude the litigation in its entirety. More details will be included in an 8-K filing on Double Crown's successful resolution of this significant legal matter.
Commenting on this positive outcome for the company and its officers, CEO & Chairman of the Board Jerold S. Drew stated, "From the very first day our management team began running Double Crown Resources we have had as our highest priority the mission to bring long-term success and increased shareholder value to the company for all of its investors. The derivative lawsuit brought against us by Falco Investments and Leslie Rutledge was a meritless exercise made in a vain attempt to undermine our growing company and its progress. We are extremely appreciative of the Nevada court system which has now rendered its final decision and dismissed the case with prejudice allowing us to put this matter behind us and move forward unencumbered. With this legal case no longer draining any more of our time or financial reserves, Double Crown management is aggressively devoting renewed energy towards fulfillment of our primary business plans, most especially the signing of multiple oilfield service contracts currently under active development. We look forward to making more announcements on these high value projects as soon as new developments are completed."
About Double Crown Resources, Inc.
Double Crown Resources, Inc. is a natural resource exploration and development company holding a 100% interest in the Bateman gold & nickel prospect near Thunder Bay, Ontario, Canada. In addition, Double Crown is targeting new properties as well as oilfield supply & service projects that have the potential for early positive cash flow. The company is presently reviewing a number of new natural resource properties that are near to, or in production, located in North, South and Latin America. Multiple oilfield service projects are currently under active development. Double Crown Resources, Inc., originally founded in 2006, is based in Henderson, NV.
For more information, please visit: www.doublecrownresources.com/
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Double Crown Resources, Inc., please refer to its website at www.doublecrownresources.com/
Double Crown Resources, Inc.
Jerold S. Drew, CEO & Chairman of the Board
10120 S. Eastern Ave. Suite 200
Henderson, Nevada 89052
Phone: (707) 961-6016
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source: Double Crown Resources, Inc. (OTCQB: DDCC) www.doublecrownresources.com
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