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Not surprisingly the recent release by Charter Pacific Corp along with the Liquidator of Securicom (NSW) Pty Ltd (Securicom) does not accord with the position and legal opinion of Microlatch.

Importantly, the assignment of patent deed entered into between the Liquidator and Charter Pacific parties specifically identified limiting issues with the title the Liquidator was attempting to assign.

It remains the Microlatch position that Securicom patents were at all times held by the Trustee of the Securicom Superannuation Fund. The Liquidator recognised that claim and accordingly qualified his ability to pass good title.

Charter Pacific was aware of the contested ownership position.

Without the consent of the Trustee of the Super Fund (CJ Burke Nominees Pty Ltd) the assignment was unqualified and unsupported.

Microlatch has instructed its legal counsel to prepare a statement of claim to be filed in the Supreme Court of New South Wales testing the issue of ownership and the ability of Charter Pacific to have ever been able to perform its obligations pursuant to the Share Purchase Agreement (SPA).

It is the view of Microlatch that CPC knew that it would never be in a position to complete a relisting on the ASX and therefore the representations contained in the SPA to that effect were misleading and deceptive.  Charter Pacific legal counsel eventually admitted this fact, however they continued to induce the Microlatch parties to enter into an agreement and several further extensions that could never be fulfilled.  Microlatch is seeking orders to have the SPA set aside and the parties returned to their original position.  This will then include the question of damages that will need to be addressed by the Court.

Charter Pacific have a chequered history in mining and don’t have any understanding of technology, patents or the commercialisation process that will be required to successful monetisation.  Without Chris Burke and the Microlatch team, Charter Pacific are leading their investors and shareholders into yet another disastrous business endeavour.

Chris Burke invented, controls, manages, continuously enhances and adds new patents, plus has manufactured the patent portfolio since inception, including Biometrics Cards and Credentials.  Charter Pacific have no understanding, no skills, no ownership and no management and zero chance to commercialise without Chris Burke, yet they continue to misinform their shareholders and intimidate, defame and undermine the one person that can bring any value.  Where is the business logic?  How do Charter Pacific shareholders and investors gain value from this perplexing strategy?