JNS Power & Control Systems to Receive Title to 350 Green, LLC's Chicago Project Assets
CHICAGO, Oct. 24, 2013 /PRNewswire/ -- Attorneys for JNS Holdings Corporation ("JNSH") and JNS Power & Control Systems, Inc. ("JNS Power") obtained a pledge from the attorney for 350 Green, LLC ("350 Green") during federal court proceedings last Friday, October 18, 2013, that 350 Green would deliver all of the 219 chargers contemplated in the April 17, 2013 Asset Purchase Agreement between JNS Power and 350 Green by Friday, October 25, 2013. Delivery of the chargers, the 168 already installed at electric vehicle ("EV") charging stations throughout the Chicagoland area, and an additional fifty-one (51) Level II chargers, as well as the license agreements with property owners, was required by the September 24, 2013 decision by U.S. District Court Judge Elaine Bucklo. In that decision, the court ordered specific performance under the Asset Purchase Agreement by 350 Green and rejected the claims of JNS Power's competitor, Car Charging Group ("CCGI"), which had filed the federal court action in Chicago seeking to have the Asset Purchase Agreement declared void.
Kelly McCloskey Cherf and Patrick Deady of Hogan Marren, Ltd. in Chicago, the attorneys for JNSH and JNS Power, said that their clients had been seeking the transfer of the assets since the September 24th ruling so that JNS Power could complete a federally funded energy grant with the City of Chicago. "When two weeks had passed and JNS Power still did not have a bill of sale for the chargers, we were compelled to seek the assistance of Judge Bucklo. On October 9, 2013, we filed a motion for an order directing 350 Green to show cause why it should not be held in contempt for failing to perform as directed by the court's September 24, 2013 order."
At a hearing on JNS Power's contempt motion, Michael Bernstein, attorney for 350 Green and CCGI, informed Judge Bucklo that issues with respect to the Chicago Project chargers were in the process of being resolved and that a bill of sale for the 168 chargers already installed at EV charging stations, as well as the remaining chargers described in the agreement would be delivered to JNS no later than Friday, October 25, 2013. Mr. Deady advised the Court that attorneys for JNS had been working diligently with CCGI since filing the contempt motion but discovered on their own the day before the hearing that 350 Green could not provide clean title to the chargers. Based on Mr. Bernstein's representations, Judge Bucklo continued the contempt motion until October 31, 2013. "Hopefully, CCGI can get these issues worked out," Mr. Deady said. "JNS has been denied use and control of the assets it purchased since April."
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE JNS Holdings Corporation
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