Trimol (CE) (USOTC:TMOL)
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Trimol Group, Inc. (OTCBB:TMOL) today announced that
Intercomsoft Ltd. ("Intercomsoft"), the Company's wholly owned
subsidiary, advised the Ministry of Information Development of the
Government of the Republic of Moldova ("Moldova"), in letters dated
June 9, 2006 and June 12, 2006, that Moldova is in breach of the
Contract on Leasing Equipment and Licensing Technology dated April 29,
1996, as amended, between Moldova and Intercomsoft (the "Supply
Agreement") and demanded payment of amounts claimed due to
Intercomsoft as a consequence of such breach. Such letters were sent
to Moldova after Intercomsoft terminated lengthy negotiations with
Moldova during which time it had attempted to resolve the matter
without resorting to legal action.
Intercomsoft demanded payment from Moldova of approximately
$2,500,000 in past-due lease and license payments under the Supply
Agreement, including interest on such amount, for the period through
April 29, 2006. In addition, Intercomsoft also demanded payment from
Moldova of $4,261,240 for inflation adjustments and $17,598,443 in
minimum guarantee deficiencies, in each instance, as provided under
the terms of the Supply Agreement. Intercomsoft also disputed
Moldova's notice of non-renewal of the Supply Agreement, effective
April 29, 2006.
Intercomsoft notified Moldova that if these payments are not made
by June 16, 2006, it intends to commence legal proceedings against
Moldova for the recovery of such amounts.
Additional information with respect to such matter is available in
the Company's Report on Form 8-K filed with the Securities and
Exchange Commission on June 13, 2006.
Forward Looking Statements
This press release contains forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected. For a complete list of risks
and uncertainties, please see the Company's Form 10-KSB for the year
ended Dec. 31, 2005 filed with the Securities and Exchange Commission.