World News: 01:15 GMT Friday 7th December 2018. [Edeniq, Inc. via Businesswire via SPi World News]
Edeniq, Inc. announced today that all of Aemetis’ remaining claims against the Company were dismissed on summary judgement. In the order granting Edeniq’s motion, Judge Peter H. Kirwan of the Santa Clara Superior Court ruled that Aemetis could not sustain a claim for breach of contract “because Aemetis did not deliver to Edeniq a commitment for financing the requisite payments.” Further, with regard to the fraud claim, the court held that Aemetis had not “identified nor submitted any evidence that any material fact was misrepresented or concealed” by the Company or its CEO Brian Thome. The court previously dismissed two of Aemetis’ other claims, and Aemetis voluntarily dismissed a third claim on October 30, 2018.
“We are pleased with the court’s decision, which conclusively rejects Aemetis’ attempt to force through litigation a merger that it was repeatedly unable to finance in 2016,” said Lily Wachter, Edeniq’s Chief Financial Officer.
“Aemetis could not finance the merger, but instead of acknowledging that fact, they filed a baseless lawsuit in an attempt to buy time and to force us to accept any deal they wanted. The court’s order affirms our belief that Edeniq dealt with Aemetis with candor and professionalism throughout the parties’ efforts to merge and vindicates us after this long process,” said Brian Thome, Edeniq’s President and Chief Executive Officer.
Edeniq’s cross-claims against Aemetis for fraud, negligent misrepresentation, intentional interference, and trademark infringement are set to be heard at a trial later this month. Edeniq’s cross-complaint alleges that Aemetis fraudulently induced Edeniq to enter into a merger agreement it could not finance and seeks monetary relief to remedy harm it alleges was caused by Aemetis’ interference with Edeniq’s business. Edeniq’s case also involves a claim against Aemetis’ lender, Third Eye Capital, for making false statements that induced Edeniq to enter into the merger agreement with Aemetis.
About Edeniq, Inc.
Edeniq, Inc. is a leading biotechnology company that develops processes for producing and measuring cellulosic ethanol from corn kernel fiber through its Intellulose technology. Edeniq’s Intellulose requires zero capital investment and is easily integrated into existing ethanol production facilities. Edeniq was established in 2008 and is headquartered in Visalia, Calif. with a field office in Omaha, Neb. More information can be found at www.edeniq.com.
Business Wire: 01:15 GMT Friday 7th December 2018
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