ANNOUNCEMENT OF 3D RESOURCES DEFAULT TERMINATION -MAY 18, 2018
On July 31st 2017; Resource Générale Corporation (“RGC”) a U.S. Company and its partner company “Sono” (the U.S Partners/ Not Haitian Partners) had entered into a series of agreements with 3D Resources Ltd to earn 70% of the U.S. Partners’ subsidiaries in Haiti, upon 3D Resources and its nominee subsidiary met the define milestones under the terms of the July 31st 2017 agreements; and if these set of milestones are completed successfully, 3D shall earn another 5%. As a condition of the Agreements the parties have agreed to a 50/50 Board Control of the company oversight operation.
On May 18th, 2018; the U.S Partners’ Counsel terminated the agreement with 3D Resources for a series of reasons including but not limited to 3D Resources defaulted on milestones under the terms of the agreements which is an automatic termination of the agreements, failures to meet its financial obligations as clearly speculated under the Management Agreement and such is enforce even there was a force Majeure Event: the Agreement quoted: in an event Force Majeure were to be implied: “ DDD/the Manager’s Obligations (Other than any obligation to pay money or meet financial responsibilities) DDD’s obligation are suspended to the extent to which they are affected by the relevant force Majeure event, as long as the force Majeure event continues”. DDD/the Manager have failed to basically abide by such simple legal clause.
Significant misrepresentations of information to the board of directors and others, Potential foreign bribery, multiple material breaches and violations, misleading statements which are primarily related to the lack of knowledge and experience of the 3D appointed Manager capabilities to operate in Haiti.
RGC and Sono as the U.S Companies maintain a zero-tolerance level for the identified misconducts; and given 3D Resources have already failed to meet its basic Milestones that clearly stated the following: “ The parties agree that in the event that DDD fails to make any of the payment set out in the agreements that are defined as “Milestones” DDD acknowledge it will no longer have any ownership interest in the companies. For the avoidance of doubt it is acknowledged and agreed that should occur no monies shall be owed to DDD by the Companies” . The Parties terminated the agreement under the following clause and in conjunction with significant violations which were described under the termination letter to DDD Issued May 18th 2018. RGC and SONO’s legal counsel are current evaluating the potential damages and losses caused by DDD/and Manager and we may seek compensation and damages from DDD; including but not limited to referrals for potential violation of laws in various jurisdictions.
However, Senior Management in both parties have spoken on possible remediation; a matter to begin such consideration, one of the key aspects is the removal/termination/ban of the manager to serve in Haiti’s project. From such point, possible communication may be considered under define rules of laws.
Resource Générale Corporation