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Macomp.com Overview Press Releases October 26, 2009

Press Releases


M&A Technology Wins Appeal Over iVALUE Group

M&A Technology, Inc. announced today that an appellate court has reaffirmed its prior decision in favor of M&A in the appeal of a judgment rendered against it in a state district court in Dallas in 2007. The judgment was based on a jury's verdict from various lawsuits filed between iValue Group, Inc. and M&A Technology, Inc. and Julian Ross, a former M&A employee. Ross, a native of South Africa, is currently the Chairman, Chief Executive Officer and Founder of OxySure Systems, Inc. in Frisco, Texas, as well as iValue's Chief Executive Officer.

Dallas, TX (PRWEB) October 26, 2009 -- M&A Technology, Inc. announced today that an appellate court has reaffirmed its prior decision in favor of M&A in the appeal of a judgment rendered against it in a state district court in Dallas in 2007. The judgment was based on a jury's verdict from various lawsuits filed between iValue Group, Inc. and M&A Technology, Inc. and Julian Ross, a former M&A employee. Ross, a native of South Africa, is currently the Chairman, Chief Executive Officer and Founder of OxySure Systems, Inc. in Frisco, Texas, as well as iValue's Chief Executive Officer.

In its lawsuit, iValue claimed that in 2001, after Ross's termination, M&A wrongfully disconnected iValue's web servers. At that time, iValue Group was a defunct Internet start-up company that was attempting to engage in online Internet commerce. Throughout the case, M&A consistently denied any wrongdoing and that the defunct iValue Group suffered any damages.

The Texas Court of Appeals in El Paso agreed with M&A, noting that, "IVG was not a profitable venture" and labeling the testimony of iValue's expert, Alan Ratliff, as "pure speculation". Ratliff's testimony, that iValue was "on the verge of profitability", "reinventing itself as an online purveyor of adventure sports gear and trips" was rejected by the appellate court. The appellate court reversed the judgment and remanded the case for trial, including M&A's claims against Ross for conversion and theft. iValue's attempt to persuade the appellate court to change its decision was rejected.

The Court of Appeals' decision came in case no. 08-08-00022-CV, styled "M&A Technology, Inc. v. iValue Group, Inc."

The court's original opinion may be found at:
http://www.8thcoa.courts.state.tx.us/opinions/pdfOpinion.asp?OpinionID=64885

The opinion on rehearing may be found at:
http://www.8thcoa.courts.state.tx.us/opinions/pdfOpinion.asp?OpinionID=64942

Commenting on the appellate victory, M&A's founder and Chief Executive Officer Magdy Elwany said, "We knew from the very beginning that the trial outcome was unjust and legally improper, and are pleased that the Court of Appeals has recognized that fact. We are extremely grateful for the support and confidence shown to us by our customers, employees, and suppliers during this difficult time, and glad that we can now devote our undivided attention to providing affordable high-quality products and services in the many markets we serve."

M&A Technology, established in 1984, provides Total Technology Solutions to Education, Government and Corporate customers. M&A offers a complete line of computer systems and a wide range of networking products and services. M&A delivers "Smarter Solutions for A Smarter World."

Contacts:

Donna Shepard, Executive Vice President
1-800-225-1452
Direct Line: 972-387-6783
972-490-5803 Ext. 215
dshepard@macomp.com

 

Notice: All information contained in M&A Technology, Inc. press releases is accurate and valid as of the date of issue. All content is subject to change. For the latest information about M&A Technology, Inc. and M&A Technology products, please contact the appropriate contact.

 
 

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