Houston Business Executive Zane Russell Merges Litigation Dynamics, Inc. with Maryland's VR Holdings, Inc
VR Holdings, Inc. today announced that it has closed the merger between VR Holdings' wholly-owned subsidiary and Litigation Dynamics, Inc., a Houston, Texas-based provider of hosted litigation eDiscovery software and support services.
- Houston, TX (1888PressRelease) January 25, 2012 - VR Holdings, Inc., (VRHD.OB), whose sole asset is a lawsuit against certain lenders of a subsidiary company and its affiliates, today announced that it has closed the merger between VR Holdings' wholly-owned subsidiary and Litigation Dynamics, Inc. and the filing of a Current Report on Form 8-K with the Securities and Exchange Commission updating its prior disclosures with respect to the merger. Litigation Dynamics, Inc. is a Houston, Texas-based provider of hosted litigation eDiscovery software and support services.
"We are delighted to have merged with Litigation Dynamics (LDI), which provides VR Holdings with operations in hosted litigation software and support services," stated John E. Baker, Chief Executive Officer of VR Holdings, "LDI is able to leverage its unique expertise and industry experience in corporate, civil, criminal and government litigation to resolve complex challenges in litigation through the use of electronic data discovery combined with the clear understanding of the litigation process."
Baker continued, "Litigation Dynamics' unique products and service offerings in corporate and government litigation will play a significant role in support of our lawsuit and supports the plan as described in our prospectus to enter into litigation-related businesses."
Baker additionally pointed out that VR Holdings' $1.6 billion lawsuit against Cerberus Capital Management, Madeleine LLC and Gordon Brothers Group is now in Illinois State Court.
Zane Russell, Chief Executive Officer of Litigation Dynamics, stated, "The merger with VR Holdings, Inc. provides our shareholders with access to capital in order to finance our strategy of acquiring 'best in breed' eDiscovery litigation services companies, while at the same time providing VR Holdings with added technical expertise it needs to pursue its lawsuit, which we believe has great merit."
Shareholders of Litigation Dynamics received 17,500,000 shares of VR Holdings, Inc. For every dollar of revenue generated by LDI during the first two years of operations after the merger, the original shareholder will receive two shares of VR Holdings, Inc. up to a maximum of 20,000,000 additional shares.
About Litigation Dynamics, Inc.: Litigation Dynamics was formed in 1997 as a company to manage several services, case productions, and companies associated with litigation services. Litigation Dynamics represents services that ensure efficient, cost-effective and accurate electronic data discovery. Leveraging unique expertise and industry experience in corporate and government litigation, Litigation Dynamics resolves even the most complex challenges in eDiscovery and provides the only tool that can handle the complete EDRM (Electronic Discovery Reference Model) spectrum.
About VR Holdings, Inc.: VR Holdings is, it believes, the only US corporation to go public with its only asset being a claim in a major lawsuit. It is the intention of the company to diversify into litigation based services, as indicated by this first proposed acquisition, plus the financing of appropriate lawsuits in which VRHD will take an equity interest, a practice now common in the UK.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Certain risks are detailed in the Company's Form 10-K and other periodic filings with the Securities Exchange Commission at www.sec.gov. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sales of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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