Court Ruling Allows Freeland Systems to Foreclose on Assets of Kardia Health Systems
Summary
Because of Kardia’s alleged default in payment, due under a promissory note dated May 8, 2008, Freeland Systems’s current intent is to hold a public foreclosure sale within the next several weeks, and to bid upon these assets and to once again market AccessPoint™ products and support AccessPoint™ customers.Additionally, it leaves Kardia with a weak defense for payment of an alleged outstanding promissory note to Freeland Systems which totals over $6 million dollars.(Case 0:09-cv-02767-PJS-AJB Document 88 Filed 02/12/10)Since May 2008, AccessPoint™ solutions have been marketed by Kardia Health Systems under the AccessPoint™ and Connected Care trade names.Because of Kardia’s alleged default in payment, due under a promissory note dated May 8, 2008, Freeland Systems’s current intent is to hold a public foreclosure sale within the next several weeks, and to bid upon these assets and to once again market AccessPoint™ products and support AccessPoint™ customers.Judge Schiltz’s ruling also found that a fraud case filed by Kardia Health Systems against Freeland Systems in September 2009 was “tenuous” and that it was “highly unlikely that Kardia will succeed on the merits of its claim for fraudulent inducement.” According to the Ruling “The Court discussed the weaknesses of Kardia’s fraud claim at length during the February 2, 2010 hearing.”According to Managing Partner John Freeland, “the ruling, which is posted at www.freelandsystems.com, strengthens Freeland’s claims of alleged breach of contract previously filed against Kardia Health Systems.Additionally, it leaves Kardia with a weak defense for payment of an alleged outstanding promissory note to Freeland Systems which totals over $6 million dollars.
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