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[QUOTE]Originally posted by kt325ci: [QB] [b]Tricell is Pleased to Announce European Court of Justice Decision on Tax Refund[/b] Jan 12, 2006 4:27:00 PM STAFFORDSHIRE, U.K., Jan. 12 /PRNewswire-FirstCall/ -- Tricell Inc. (OTC Pink Sheets: TCLL), today announces that the European Court of Justice ruled in favor of companies such as Tricell whose VAT refunds had been withheld by HM Revenue & Customs. This decision emanates from HM Revenue & Customs' prosecution of the Finance Bill of 2003 which made companies liable to the VAT debts of other firms who may have engaged in fraud. The ECJ ruled that a person who carries out an otherwise lawful transaction can not be affected by the fact that in the chain of supply of which that transaction forms part, another prior or subsequent transaction is compromised by value added tax fraud, without that person knowing or having any means of knowing of such fraud. HM Revenue & Customs' position was that this fraud, also referred to as "missing trader fraud," occurred when a business imported goods, in Tricell's case electronic commodities such as cellular telephones, then sold the goods to another business with VAT added to the sales price and the selling importer then did not pay the VAT withheld. HM Revenue & Customs had withheld VAT refunds to importers who submitted proper refund requests, but who had the misfortune of buying or selling goods which some other business had not paid their separate independent VAT refund. Andre Salt, Tricell's CEO and Chairman of the Board, stated, "Tricell can now buy goods in the open market without fear of having VAT refunds withheld by Customs. Andre Salt added, "We are very relieved and pleased with the ruling of the ECJ, Tricell will now pursue damages for lost profits, attorneys' fees expended, and other damages." Tricell Inc. was established in 1999 as a distributor of mobile phones and related accessories to the wholesale markets in the UK, Europe, Middle East and Asia. For more information, please visit our website at [URL=http://www.tricellinc.com]www.tricellinc.com[/URL] , or the SEC's Edgar filing system at [URL=http://www.sec.gov]www.sec.gov[/URL] . Disclaimer: The above news release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). These statements are based on assumptions that management believes are reasonable based on currently available information. However, management's assumptions and the company's future performance are both subject to a wide range of business risks and external factors. There is no assurance that these goals and projections can or will be met. SOURCE Tricell Inc. ---------------------------------------------- Jeff Nunn Managing Director of Tricell Inc. +44-8707-532360 or fax +44-8707-532361 or Info*tricelldistribution.com [/QB][/QUOTE]
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