Investors: Press Release
GeckoSystems Seeking Damages in Agreement Dispute
CONYERS, GA, May 27, 2011 (MARKETWIRE via COMTEX) -- GeckoSystems Intl. Corp, a dynamic leader in the emerging mobile robotics industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service(TM)," (PINKSHEETS: GOSY) | (http://www.geckosystems.com/) -- announced today they have initiated binding arbitration (JAMS Ref. no. 1440003083) seeking damages for alleged violation of their Confidentiality Agreement signed and agreed to by Neil T. Wallace of Williamsburg, VA.
"We have used this Confidentiality Agreement for over ten years. Several first tier, Fortune 100 companies senior legal counsels have reviewed and signed off on this cost effective and time saving method of settling legal disputes. We expect a timely and just resolution in this dispute with Mr. Wallace. While we hope that the actual and punitive damages awarded to us will be a very large and not insignificant amount, at this time we do not know what the binding JAMS arbitration will award," commented Martin Spencer, President/CEO, GeckoSystems Intl. Corp.
JAMS is the largest private alternative dispute resolution (ADR) provider in the world. The Commencement of Arbitration was issued to both parties on May 18, 2011.
Salient points from GeckoSystems' Confidentiality Agreement:
For a period of five (5) years from the date of disclosure to Recipient, Recipient shall not disclose any Confidential Information of Owner to any person or entity except employees of Recipient and its affiliates who have a need to know and who have been informed of Recipient's obligations under this Confidentiality Agreement. Recipient shall use not less than the same degree of care to avoid disclosure of such Confidential Information as Recipient uses for its own confidential information of like importance.
All Confidential Information disclosed by Owner to Recipient under this Confidentiality Agreement in tangible form (including, without limitation, information incorporated in computer software or held in electronic storage media) shall be and remain property of Owner.
The parties acknowledge that Confidential Information is valuable and unique and that disclosure in breach of this Confidentiality Agreement will result in irreparable injury to Owner.
Each party hereby waives and gives up the right to a jury trial.
The parties agree that the JAMS judge shall have the broadest powers allowable under Georgia law to adjudicate the dispute, including the power to resolve all pretrial, post-trial and ancillary proceedings.
The arbitration shall be administered by JAMS in accordance with the JAMS procedures then in effect. Any statutes or limitations that would otherwise be applicable shall apply.
"We expect a fair and just settlement from JAMS in resolving this legal dispute with Mr. Wallace. We continue as a world leader in our 'mobile robot solutions for safety, security, and service' and look forward to providing our nearly 1400 shareholders the ROI they deserve for their vision and confidence in GeckoSystems," concluded Spencer.
JAMS mediators and arbitrators successfully resolve cases ranging in size, industry and complexity, typically achieving results more efficiently and cost effectively than through litigation. JAMS neutrals are skilled in alternative dispute resolution (ADR) processes including mediation, arbitration, special master, discovery referee, project neutral, and dispute review board work.
JAMS has taken an industry-leading role to ensure arbitration remains an attractive alternative to litigation. In order to save clients time and money, JAMS has instituted new procedural options that allow the crafting of a process that is commensurate with the dispute. With JAMS new Optional Expedited Arbitration Procedures, parties can choose a process that limits depositions, document requests and e-discovery. When parties utilizing JAMS Comprehensive Arbitration Rules elect to use these procedures, they agree to the voluntary and informal exchange of all non-privileged documents and other information relevant to the dispute. These new rules, effective October 1, 2010, are an innovative step taken by JAMS to guarantee that its clients can have an efficient process if they choose.