Jim McNiel, CEO of 5G/Zude, filed this action for a rescission of a Capital Contribution Agreement and Assumption Agreement and related contracts involving Steve Repetti's, CEO of Radweb Technologies LLC, failed technology that was purchased by 5G/Zude.
The claim includes a statement that says: "Steve Repetti represented to Jim McNiel that the intellectual property of BRT to be contributed to 5G, and which is identified in Schedule 1 of the Capital Contribution and Assumption Agreement, had sufficient value and performed with sufficient efficacy that the licensing of the use of said intellectual property would generate substantial income to the owner of said intellectual property".
5G/Zude concluded that the "foregoing facts and events show that there has been mutual mistake, false representations, impossibility of performance, or frustration of purpose, entitling 5G to rescind".
During 2006-2008 Steve Repetti as the CEO of BRT systematically engaged in fraudulent activities that included tax evasion, misuse/theft of shareholder funds, denying shareholder rights, denying debt instruments and lying under oath in a Broward County Court. He was removed as an Officer/Director of the Corporation by 17th Circuit Judge Carole Lisa Phillips.
Broward County Court Records: http://www.clerk-17th-flcourts.org/Web2
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IN THE CIRCUIT COURT OF THE
17TH JUDICIAL CIRCUIT IN AND
FOR BROWARD COUNTY, FLORIDA
Affirmative Insurance Holdings, Inc. and Affirmative Property Holdings, Inc. brought action against Business Risk Technology, Inc. and Steven M. Repetti (BRT) in the Circuit Court of the 17th Judicial Circuit, Broward County, Florida in January 2006 for fraudulent inducement, breach of contract, breach of the covenant of good faith and fair dealing, and for declaratory and supplemental relief arising from the defendant’s wrongful conduct and contractual breaches. This action involves our enforcement of certain rights under a software license agreement we entered with BRT wherein BRT agreed to develop and provide us with a complete turnkey software system for use by our various affiliates. BRT has asserted counterclaims for breach of contract, unjust enrichment, and fraud. In July 2007, the court granted summary judgment in favor of BRT on our breach of contract claim. On February 13, 2008, the court dismissed all of BRT’s counterclaims with prejudice. We expect to go to trial on our fraudulent inducement claim against BRT in the second quarter of 2008.