Jim McNiel, CEO of Zude/5G, testifying on the complete and utter failure of Steve Repetti's (CEO of Radweb Technologies LLC) technology platform and why they abandoned it in the BRT case. Also explains why the disastrous failure of the technology led the Board of Directors of the company to ask for Steve Repetti's resignation as CTO & Director of the corporation. Steve Repetti resigned.
CACE08019110 Dolores Millette Plaintiff vs. Brt Holdings Inc, et al Defendant
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.