Newark, New Jersey (MMD Newswire) April 28, 2014 — The United States District Court for the State of New Jersey dismissed 5 of 12 charges alleged by Valcom, Inc. in a lawsuit filed against Vince Vellardita, its former President and Chief Executive Officer (CEO), and several co-defendants (Defendants).
Valcom’s Federal suit, filed in May of 2013, sought statutory RICO damages as well as compensatory and punitive damages claiming allegations of RICO, civil conspiracy, fraud, breach of contract, and breach of fiduciary duties. Senior United States District Judge William H Walls’ ruling was in response to Defendants motion requesting the dismissal of all charges.
Former Valcom CEO Vince Vellardita stated, “We applaud Judge Walls’ ruling. It is a clear, decisive victory and validates our position that the allegations were false. I am confident that the remaining claims will find similar results.” Counsel for Defendants, John Balestriere of Balestriere Fariello, a trial and investigations law firm in New York, added, “Even when applying the generous standard which a court must on a motion to dismiss, the District Court still dismissed the RICO claim as well as other claims. I am confident that Valcom shall not only lose on the merits of any remaining claims, but that Vincent Vellardita and his colleagues shall prevail on the counterclaims I expect them to bring against those running Valcom.”
On May 15, 2013, the United States Securities and Exchange Commission (SEC) sought sanctions against Valcom, Inc. due to the Company’s failure to file periodic reports since June 30, 2011. On the basis of an Offer of Settlement on July 29, 2013, the SEC issued an order revoking registration of the Company’s common stock. As a result of this order, the Company’s common stock is no longer publicly traded.
“The sad state of Valcom sits squarely on the shoulders of its leadership and must call into question the credibility their allegations. The lawsuit is a thinly veiled attempt to distract Company shareholders from their own failure,” Vellardita added.
While Valcom, Inc. has struggled since his departure, Mr. Vellardita has served as CEO of Paradigm Oil and Gas, Inc. since June of 2013 and is credited with the Company’s sweeping turnaround that includes restoring SEC regulatory compliance and full trading privileges.
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Paradigm Oil and Gas, Inc., is a company with limited experience in the oil and gas industry. At the time of this release Paradigm Oil and Gas, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the Company’s shares to raise the necessary operating capital. Based upon industry standards Paradigm would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risks not mentioned may apply: failure to meet Paradigm’s financial and contractual obligations, Paradigm’s managerial errors made based upon the Company’s limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Contact: Vince Vellardita (727) 595-8101 Source: Vince Vellardita
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