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November 25, 2002 — (WEB HOST INDUSTRY REVIEW) — Internet service provider WorldTeq Group International Inc. (WorldTeqGroup.com) announced on Friday that its WorldTeq Corporation subsidiary has filed a law suit in the Circuit Court for Montgomery County, Maryland against Zenex Telecommunication Inc. in order to collect the $357,517.62 WorldTeq says it is owed.
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“I am saddened to announce we have been forced to take this action against Zenex Telecommunications Inc.? says Bruce Bertman, WorldTeq CEO. ?They have made numerous promises that have gone unfulfilled and after repeated demands we feel this is our best course of action. I feel WorldTeq Corporation is protected as we have a fully executed corporate guarantee from the parent company, Zenex International Inc., in favor of our company.?
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Bertman added that WorldTeq has been phasing out the company?s focus on the wholesale market, placing increased emphasis on its services products. The move is expected to impact revenues, he says, but will not likely affect profitability.
