Irvine, CA – Priviam Inc., f/k/a Encryptakey, Inc., a New Jersey corporation (the "Company") announced today that it has filed a lawsuit (Orange County Superior Court, Central Justice Center, case number 30-2008-00109638) against its former CEO, Kelly Owen and his related entities, Owen Consulting LLC, a California limited liability corporation and Encryptakey, Inc., a Nevada corporation (collectively "Owen"). The complaint alleges the following:
Breach of Fiduciary Duty
Conversion of Monies
Fraud — Intentional Misrepresentation
Fraud — Concealment
The Company is seeking both compensatory and punitive damages from Owen along with declaratory relief. "We intend to pursue this matter vigorously for the benefit of the Company and its shareholders." stated Jack Musetti, president and CEO. Furthermore, the Company vehemently denies any rumors that this action against Owen or any other steps in this process now or in the future have been taken in order to raise any funds from the investing public. "My responsibility is to our shareholders. The facts will come out in this litigation and we firmly believe that judgment will be strongly in our favor." Musetti further stated.