Cycclone Magnetic Engines Lawyers Up For A High Court Showdown

News provided by

Sep 22, 2014, 08:17 ET

LISMORE, Australia, Sept. 22, 2014 /PRNewswire/ -- Cycclone Magnetic Engines Inc. has engaged a leading national Australian law firm to assess and prepare an application to the High Court of Australia to deal with the standing Supreme Court of Queensland orders from the 2009 Australian Securities and Investment Commission (ASIC) litigation.

Cycclone Magnetic Engines Lawyers up for a High Court showdown (PRNewsFoto/Cycclone Magnetic Engines Inc.)

In 2007 the ASIC made application to the Supreme Court of Queensland to have the USA Company liquidated. The orders were denied and Cycclone Magnetic Engines Inc. returned to good standing after floundering for a couple of years, however while the liquidation orders were denied, orders that heavily restrict Cycclone from going about its normal business were imposed.

Having survived the litigation and now returned to good standing, Cycclone Magnetic Engines business plan is to return to its core business and this will require the standing orders to be dealt with.

"While we have spent millions on litigation to keep our company to date, we will now need to trudge off to court once more if we are going to be able to carry out our business.

"Details of how we wound up in such a position has been posted on our web site for over 2 months uncontested and court action is just the next step for us."
Bob McClelland, President, Cycclone Magnetic Engines Inc. [email protected]

About Cycclone Magnetic Engines Inc.

Formed in Nevada in 2004, Cycclone Magnetic Engines Inc. is one of the most controversial engine development companies on the planet. Originally owned by Roadships Logistics Limited, Cycclone was divested to the shareholders pro-rata in 2005. Cycclone Magnetic Engines Inc. is a private Nevada company with operations in Australia engaged in the design and development of engines.

Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. Cycclone Magnetic Engines undertakes no duty to update these forward-looking statements.

Web - www.cycclonemagnetic.com

Photo - http://photos.prnewswire.com/prnh/20140922/147492

SOURCE Cycclone Magnetic Engines Inc.