Item 8.01. Other Events. On August 18, 2006, the Registrant and Intercomsoft Ltd. (“Intercomsoft”), the Registrant’s wholly owned subsidiary, withdrew, without prejudice, the action in the United States District Court for the Southern District of New York commenced by them against the Ministry of Economics of The Republic of Moldova and The Republic of Moldova on June 23, 2006 (the “Prior Action”), seeking damages and injunctive relief for various specified breaches of the Contract on Leasing Equipment and Licensing Technology dated April 29, 1996, as amended, between the Ministry of Economics of The Republic of Moldova and Intercomsoft (the “Supply Agreement”). On September 20, 2006, Intercomsoft filed a Demand for Arbitration (the “Demand”) with the International Chamber of Commerce, International Court of Arbitration, in Geneva, Switzerland. The Demand repeats and incorporates the claims that were set forth in the Complaint in the withdrawn Prior Action. The Demand seeks damages against the Respondents in the aggregate amount of approximately Forty One Million Dollars ($41,000,000) as a consequence of such breaches, as well as injunctive relief against the Respondents for continuing to utilize the equipment and technology licensed to the Ministry of Economics of the Republic of Moldova under the Supply Agreement or for otherwise engaging in activities competitive with Intercomsoft for the period specified in the applicable provisions of the Supply Agreement. Item 9.01(c) Exhibits |