GoldSpring, Inc. Reaches Settlement With Second Defendant in State Court Lawsuit 7/13/2006
GOLD HILL, Nev., Jul 13, 2006 (PRIMEZONE via COMTEX News Network) -- GoldSpring, Inc. (OTCBB:GSPG) announced today that it has reached a settlement with another defendant in its Arizona lawsuit. The first settlement was with Seth Shaw, as announced on June 26, 2006. This second settlement is with one of the other main defendants in the Company's Arizona Superior Court lawsuit, against several defendants, including its founder, Steve Parent. The Company has agreed to settle its claims against this second defendant pursuant to, among others, the following binding terms: 1) total payment by the defendant to GoldSpring of $100,000 with $20,000 to be paid on or before July 31, 2006, and the remaining balance of $80,000 to be paid on or before September 10, 2006; 2) dismissal by GoldSpring of the pending litigation against the defendant with prejudice (upon payment in full of the $100,000); 3) agreement that the settlement shall in no way be construed as an admission of liability or fault on the part of the defendant; and 4) mutual releases by each of GoldSpring and the defendant to the other from liability related to the pending lawsuit. This second settlement helps to narrow the focus of the case with the remaining major defendants consisting primarily of Steve Parent and Ron Haswell.
In discussing this success in the litigation, Rob Faber, President and CEO of GoldSpring, stated, "We believe this is another fair
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