09:55:30 EDT Thu 28 Mar 2024
Enter Symbol
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ID Watchdog Inc
Symbol IDW
Shares Issued 121,834,997
Close 2015-10-08 C$ 0.07
Market Cap C$ 8,528,450
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ID Watchdog receives demand letter from sales affiliate

2015-10-13 10:55 ET - News Release

Mr. Jay Lewis reports

ID WATCHDOG ANNOUNCES RECEIPT OF DEMAND LETTER AND CIVIL ACTION

On Oct. 12, 2015, ID Watchdog Inc. was served with a summons in a civil action by its former sales affiliate in its tech support channel claiming it is presently due approximately $600,000, plus additional amounts as future sales are processed, for its portion of the subscription revenue for certain customer subscription renewals realized by the company's wholly owned subsidiary, Identity Rehab Corp. (IRC). The sales affiliate claims that these renewals occurred subsequent to the Nov. 21, 2014, termination of the sales arrangement between the sales affiliate and IRC. In addition, the sales affiliate is claiming that it is due a net amount of $159,366 from IRC, which was wrongfully paid to IRC by its third party billing processor.

Also, in a letter dated Oct. 8, 2015, counsel for the sales affiliate demanded payment within 30 days of $477,798, plus attorney fees and costs, which comprises the previously mentioned $159,366 plus treble damages as claimed to be provided by statute.

The company believes these claims are without merit and it intends to vigorously defend itself against these claims.

We seek Safe Harbor.

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