Titan Oil and Gas Inc. has reached a settlement that amends the $486,595(A) originally stated in the lawsuit proffered by Maupin, et al. The settlement, which was negotiated out of court, saw the amount reduced by over $300,000 to $179,477. The amended amount of $179,477 represents a 62% reduction over the initial amount sought by the plaintiffs.
The agreement amortizes the debt over a 36 month period. The settlement also states that Titan Oil and Gas is only responsible for repaying the principle amount, there is no interest payment requirement stipulated in the agreement. The agreement was made on the strength of the new business model and anticipated cash flows, which was seen as integral to meeting the terms of the settlement agreement.
"We are finding that many parties that had taken an adversarial relationship with Titan are now willing to work with me and the new management team in addressing previous issues," according to Company President Brandon Toth. He continued, "We have presented the plaintiffs with what the company could do for them and then agreed upon the settlement, while maintaining a win-win situation for Titan and its stock holders."
(A) Management wants to point out that after review with Company attorneys the total amount sought was $486,595 not the $369,000 discussed in an earlier release.
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