Majority Stake and Global IP Rights of e-Traction Worldwide SCA Are Being Offered for Sealed Bids

September 29, 2011
Top Quote A unique (but very brief) opportunity exists to capture majority ownership of this Company and all IP rights it and/or its subsidiaries have ever generated as a result of the court ordered liquidation of Freerider Ltd. End Quote
  • (1888PressRelease) September 29, 2011 - A unique (but very brief) opportunity exists to capture majority ownership of this Company and all IP rights it and/or its subsidiaries have ever generated as a result of the court ordered liquidation of Freerider Ltd. In a hearing held on September 21st 2011, the Cayman Island court established November 7th 2011 as the deadline for sealed bids for all assets held by Freerider Ltd. (in liquidation). These assets include but are not limited to:

    1) the unrestricted, perpetual, global commercial rights held by Freerider Ltd to all disclosed and undisclosed intellectual property rights ever generated from developments by this Company and/or its wholly-owned subsidiaries e-Traction Europe B.V. and e-Traction North America LLC, and

    2) 62% of the Limited Partner shares held by Freerider Ltd in this Company.

    Interested parties are encouraged to contact Pieter le Comte, the CEO of this Company, or visit http://www.freeriderltd.com.

    FREERIDER LTD. IN OFFICIAL LIQUIDATION

    Parties interested in purchasing the assets of Freerider Ltd ("Freerider")

    have until NOVEMBER 7th 2011

    to tender a sealed bid with Freerider's Joint Official Liquidators

    for Freerider's assets which include but are not limited to the following:

    1. A 61.9% equity interest in e-Traction Worldwide S.C.A. ("EWW"), the parent company of the wholly owned subsidiaries e-Traction Europe B.V. ("EEU") and e-Traction North America, LLC ("ENA").

    2. Freerider entered into a sale/lease-back arrangement regarding all disclosed and undisclosed intellectual property rights ever generated by EWW and its subsidiaries EEU and ENA with the following three agreements:

    a. Freerider has acquired the unrestricted, perpetual, global commercial rights to all then existing intellectual property generated by EEU with the Asset Purchase Agreement ("APA") as of July 3rd 2003.

    b. Freerider has also acquired the unrestricted, perpetual, global commercial rights to all disclosed and undisclosed intellectual property rights generated by commercial and technical developments, subsequent to the aforementioned APA, by EWW and/or its subsidiaries EEU and ENA by means of the Technology Advisory Services Agreement ("TASA") dated July 17th 2003.

    c. Freerider (its successors and assigns) shall be the recipient of the anticipated string of royalties resulting from the Intellectual Property License Agreement ("IPLA") dated July 17th 2003 by which all rights obtained by Freerider with the afore referenced APA and TASA are being licensed to EWW and its subsidiaries EEU and ENA.

    3. The Intellectual Property rights registered in the name of the Company.

    4. Anticipated licensing agreements with third parties for some or all of the Intellectual Property rights acquired by Freerider (its successors and assigns) for specific product classes, countries, regions or territories, etc. are said to be very valuable. For example: at the time of filing of the winding-up petition, Freerider limited had nearly reached an agreement to license all its IP rights to a South Korean entity for a lump sum of US$ 7.5 million and minimum annual (sales unit based) royalties of US$300,000. South Korea represents 1.5% of global GDP, while Freerider hold rights in countries jointly representing 85% of global GDP. Extrapolating the South Korean proposal on a global basis, could therefore result in revenues that are conceivably 40 times greater.

    5. The anticipated proceeds from the litigation initiated by Freerider in Zutphen (NL) on October 17th 2007. Status: 1) trial has been completed, 2) interim verdict has been published, and 3) awaiting final verdict upon pending input of the litigants on a narrow aspect of New York law. Potential value as of September 2011: €9+ million.

    6. The anticipated proceeds from the litigation initiated by Freerider on July 23rd 2008 in New York for breach of contract, breach of fiduciary duty, tortious interference and aiding & abetting, etc. Status: in the disclosure/deposition phase. Potential value: reaffirmation of APA, TASA and IPLA and an award of US$85 million in damages being claimed. Contingency fee arrangements available.

    To obtain additional information desired to formulate an opinion about the value of the assets in order to make a free-standing bid or participate in a proposal currently being assembled by Pieter le Comte (Freerider's single largest stakeholder and CEO of EWW and President of ENA) and his associates, please contact the Joint Official Liquidators, Roy Bailey and Rob McMahon and/or Pieter le Comte:

    Roy Bailey: Roy.Bailey ( @ ) ky dot ey dot com or +1 (345) 814-8920

    Rob McMahon: Rob.McMahon ( @ ) ky dot ey dot com or +1 (345) 814-9008

    or write to: Ernst & Young Ltd. 62 Forum Lane, Camana Bay, Box 510 Grand Cayman KY1 - 1106, Cayman Islands

    AND/OR

    Pieter le Comte: plecomte ( @ ) freeriderltd dot com or +1 (914) 764-029

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