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Hendrx Ordered to Satisfy California Judgment
(OTCBB:HDRX) Hendrx Corp.
Hendrx Ordered to Satisfy California Judgment
Monday January 26, 7:52 pm ET
LOS ANGELES-Hendrx Corp. announced recently that the Superior Court for the County of Los Angeles, State of California ordered that Hendrx deliver share certificates of its wholly owned subsidiary Eastway Global Investment Limited and its operating subsidiary, Fujian Yuxin Electronic Equipment Co. Ltd., to Worldwide Water LLC within two days of the order to be applied against satisfaction of a judgment. The order was filed on January 21, 2009.
Legal proceedings were initiated on January 18, 2006 by Worldwide against a number of defendants, including Hendrx, in the Superior Court for the County of Los Angeles, State of California, for contractual fraud and patent infringement. The complaint alleged that an agreement between Worldwide and AirWater Corporation was contravened when it contracted with Hendrx?s subsidiary to manufacture atmospheric water generators that allegedly infringed Worldwide?s patents. Hendrx did not enter an appearance in this action. On March 17, 2006 a default judgment was entered against Hendrx which it sought unsuccessfully to have vacated. Hendrx received a finalized judgment on April 11, 2008 and recorded a $1,225,320 contingent liability as of September 30, 2008 to account for the $1,000,000 judgment plus prejudgment interest and other costs. On July 7, 2008 Hendrx filed an appeal that the court set aside the default judgment and move to trial in order to determine the merits of Worldwide?s claims. However, on January 16, 2009 the court denied Hendrx?s appeal leaving it with limited time to appeal the decision. On January 21, 2009 the court ordered that Hendrx deliver share certificates of its wholly owned subsidiary Eastway Global Investment Limited and its subsidiary Fujian Yuxin Electronic Equipment Co. Ltd. to Worldwide.
Forward Looking Statements
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including whether Hendrx will continue to operate as a going concern in view of recent legal developments. The actual results Hendrx may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Hendrx encourages the public to read the information provided here in conjunction with its most recent filings on Form 8-K, Form 10-K and Form 10-Q. Hendrx's public filings may be viewed at www.sec.gov.
Contact:
Hendrx Corp. George Solymar, Chief Executive Officer, 818-279-1394 Source: Hendrx Corp.
Profile for Hendrx Corp.
Hendrx Corp., through its subsidiary, Fujian Yuxin Electronic Equipment Co., Ltd., engages in the research, development, manufacture, marketing, and distribution of water generation, filtration, ionization, desalinization, and purification devices worldwide. Its product lines include atmospheric water generation units that extract and purify drinking water from the air; alkaline calcium ionic water dispensers designed to ionize water; and reverse osmosis systems, which purify water using a semi-permeable membrane that removes impurity and minerals. The company also provides small water purification devices, including carbon filtration systems. It serves the water industry. The company was fo... Detailed HDRX Company Description...
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