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Voip-Pal.Com Provides Status Update of its Lawsuit vs Richard Kipping and Terry Kwan to Cancel and Return Over One Hundred Twenty-Four Million Seven-Hundred Eighteen Thousand (124,718,000) Shares to i

February 8, 2016 5:00 AM EST

BELLEVUE, Wash.--(BUSINESS WIRE)-- Voip-Pal.com, Inc. ("Voip-Pal," "Company") (OTC Pink: VPLM) provided an update on the status of legal actions to cancel and return to treasury over 100 million shares of VPLM stock frozen since October 2014.

The Company filed a counterclaim and third party complaint in case Clark County (Nevada) District Court case A-15-717491-C. The Counter-defendants named were:

LOCKSMITH FINANCIAL CORPORATION, INC., a British Columbia entity; TALISMAN FINANCIAL, INC., a Belize entity; VHB INTERNATIONAL LTD, a Belize entity; CACTUS VENTURES, INC, a Belize entity.

The Third-Party Defendants named in the counter complaint were:

TK INVESTMENT, a British Columbia entity; RICHARD G. KIPPING, an individual, TERRY KWAN, an individual.

In its counter-claim, Voip-Pal alleges:

Kipping, Kwan, Locksmith, and TK Investments, through a series of deceptive debt conversions, stock issuances, and noncash accounting transactions, systematically conspired, schemed, and defrauded Voip-Pal and the shareholders of Voip-Pal out of additional millions of shares of Voip-Pal stock.

In addition to the three above named offshore Belize entities, the Counterdefendants and Third-Party Defendants involved a network of twelve additional offshore and related entities for a total of fifteen offshore entities utilized to hide their unlawful transactions and transfers. The twelve additional offshore entities named in the counterclaim are 3M Investments Company, Inc., Caledonian Securities LTD, Caledonian Bank LTD, Red Arrow Investments, Inc., Platinum Tribe, Inc., Cayman Institutional Bank, Brown Brothers Harriman & Co., Beaufort International Associations, Undiscovered Equities, Greenland Capital LTD, Paramount Trading Company and NSG Fund, Inc.

By running their stock transactions through Locksmith/TK Investments and then through the Offshore Entities, Kipping and Kwan were able to have their suspect liquidations facilitated by his unlawful broker-dealers, without the scrutiny that the transactions demanded. Generally, Kipping and Kwan transferred shares to one of the Offshore Entities within 24 hours of the debt-conversion transaction.

Among the alleged fraudulent transactions is a $360,000 debt to stock conversion in which Kipping and Kwan caused that Voip-Pal, without Voip-Pal’s knowledge or approval, issue 36,000,000 shares of Voip-Pal common stock to Locksmith in exchange for settlement of the $360,000 sham loan. At the time of the of the $360,000 debt to stock conversion, the 36,000,000 shares of Voip-Pal common stock had an actual market value of approximately $4,860,000.

Among other relief for damages Voip-Pal is also asking the court to cancel and return to treasury 124,718,000 shares transferred by Locksmith, Kipping, TK Investments, and Kwan to off-shore entities, including the Talisman, Cactus Ventures, and VHB International.

The complete filing will be posted on the Company’s website www.voip-pal.com.

About Voip-Pal.com Inc.

Voip-Pal.Com, Inc. (“Voip-Pal”) is a publicly traded corporation (OTC Pink: VPLM) headquartered in Bellevue, Washington. The Company owns a portfolio of patents relating to Voice-over-Internet Protocol (“VoIP”) technology that it is currently looking to monetize.

Voip-Pal.com, Inc.
Rich Inza, 954-495-4600
[email protected]
www.voip-pal.com

Source: Voip-Pal.com, Inc.



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