DALLAS, July 29 /PRNewswire-FirstCall/ -- CLST
Holdings, Inc. (Pink Sheets: CLHI) announced today that on
July 23, 2010 it received an
Arbitration Award dated July 15, 2010
in its arbitration proceeding against Soluciones Inalambricas, S.A.
de C.V. ("Wireless Solutions") and Prestadora de
Servicios en Administracion y Recursos Humanos, S.A. de C.V.
("Prestadora") that was held in Mexico City in October of 2009.
Among other things, the Arbitration Award awarded the Company
breach of contract damages of $394,230 and $102,457 relating to the Company's claim for
unpaid management fees. The arbitration panel also awarded
the Company interest on those two damage amounts at the rate of 6%.
Interest began accruing on September
12, 2007 and will continue to accrue until the date the
amounts are paid in full. The Arbitration Award also
provided that each side must bear its own attorneys' fees and
experts' fees and that arbitration expenses be divided between the
parties.
In addition, the arbitration panel concluded that certain of the
Company's claims could not be determined in the arbitration.
However, the arbitration panel specifically noted in the
Arbitration Award that its finding was "without prejudice to (the
Company's) right, or nonexistence of such right, to bring such
claims in a new arbitration." The Company is giving
consideration to asserting these claims against Wireless Solutions
and Prestadora.
We will not dissolve Audiomex Export Corp., National Auto
Center, Inc. and CLST-NAC, Ltd., which are direct parties to, and
NAC Holdings, Inc., which is an indirect party to, the arbitration
proceeding, until payment is received in accordance with the
Arbitration Award.
Forward-Looking Statements
Certain information included herein may constitute
"forward-looking" statements for purposes of the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended, and, as such, may involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially
different from future results, performance, litigation results or
achievements expressed or implied by such forward-looking
statements. When used in this report, the words "anticipates,"
"estimates," "believes," "continues," "expects," "intends," "may,"
"might," "could," "should," "likely," "plan," and similar
expressions are intended to be among the statements that identify
forward-looking statements. Statements of various factors that
could cause the actual results, performance or achievements of the
Company or future events relating to the Company to differ
materially from the Company's expectations ("Cautionary
Statements") are disclosed, including, without
limitation, those discussed in the "Risk Factors" section in Part
I, Item 1A of the Company's Annual Report on Form 10-K for the
fiscal year ended November 30, 2009,
those statements made in conjunction with the forward-looking
statements and otherwise herein. All forward-looking statements
attributable to the Company are expressly qualified in their
entirety by the Cautionary Statements. We have no intention, and
disclaim any obligation, to update or revise any forward-looking
statements, whether as a result of new information, future results
or otherwise.
SOURCE CLST Holdings, Inc.