International Arbitration Tribunal Finds in Favor of TapImmune Inc., and Awards the Company $196,204 in Damages
July 24th, 2014
TapImmune Inc. (OTCQB:TPIV), announces successful outcome of proceedings against Michael Gardner after almost 2 years of litigation.
The International Center for Dispute Resolution International Arbitration Tribunal has found that Mr. Gardner made numerous false representations, did not fully provide the services he was hired to perform and did not intend to perform them at the time he was hired.
In addition, the arbitrator found that Mr. Gardner knew that TapImmune would be hindered by his arrangement and compensation with significant stock of the Company and that he had fraudulently induced the company into the agreement through misrepresentation and omission about his reputation and past history and ability to obtain funding for the Company.
The arbitrator found that TapImmune was deceived by Mr. Gardner. Any counterclaims by Mr. Gardner were denied in all respects. Mr. Gardner is ordered to pay TapImmune $196,204.00 plus statutory interest in the amount of 9% per year until the award is paid in full. The Company will now take the necessary steps to collect on the award.
Dr. Glynn Wilson, TapImmune Chairman and CEO said, “We are clearly satisfied with the final verdict from the arbitrator , however, this has been a significant distraction for our time and resources and we are anxious to put this ordeal behind us and move on to much more fulfilling endeavors in the Clinic, where our energies are 100% focused.” He went on to say, “TapImmune has a remarkable product pipeline stemming from the four collaborations with Mayo Clinic and our own in house technology platforms. We are extremely pleased with the clinical advances we have made over the past 2 years and look forward to moving all programs forward including the initiation of two Phase ll trials in the near term.” TapImmune was represented by the law firm of Gana LLP.