HOUSTON, Oct. 13, 2014 (GLOBE NEWSWIRE) -- In response to the previous press release dated, April 23, 2013, issued by Double Crown Resources INC (DDCC) – all alleged charges against Synergy Natural Resources, LLC (SNR) by DDCC were dismissed on August 26, 2014.
Around February 19, 2013 -- DDCC and SNR entered into a Mutual Non-Disclosure agreement (NDA). The NDA between DDCC and SNR was regarding the design, production, financing and promotion of products relating to an intermodal system of aggregate transport. The NDA appeared to have been breached on multiple levels. SNR then decided it was best for the Memorandum of Understanding (MOU) to be terminated. SNR initiated the termination of the MOU on Sunday, March 17, 2013, and it was finalized on Wednesday, March 20, 2013.
On October 6, 2014 -- mediation took place in regards to the counterclaim. In the counterclaim suit SNR indicated that DDCC misappropriated trade secrets and was in breach of contract. SNR was successful in the mediation, and they were granted their countersuit settlement. SNR invented and developed the new portable aggregate supply system (PASSbox). DDCC attempted to create their own version of PASSbox. As a result of the settlement DDCC has agreed to pay SNR $630,000, as well as, three million shares of its company.
SNR is continuing to move forward in its efforts to bring value to the bulk aggregate market through the development and lease of its proprietary PASS Box storage and delivery device. For more information regarding SNR's Portable Aggregate Supply System ("PASS Box"), please visit www.passboxglobal.com. For more information on this press release please contact Kelly Jackson by email at Kelly.email@example.com.
Source: Synergy Natural Resources