CHICAGO, July 17, 2025 (GLOBE NEWSWIRE) -- Frequency Holdings Inc. (OTC: YCRM), a Nevada public company, issues this clarification following a press release distributed on July 17, 2025, by Luciano Aguayo, defendant in the original and now-defunct lawsuit brought by ReachOut Technology Corp., a former subsidiary of YCRM.
The judgment referenced in the release has no financial or legal impact on YCRM. The company retains full ownership and operation of reacquired assets, including customer contracts and intellectual property.
YCRM is Not Liable - But the Claims Against Aguayo Remain Alive
The judgment does not affect YCRM. Claims originally brought against Mr. Aguayo, estimated during mediation at over $9 million, were dismissed without prejudice and remain enforceable. These may be reasserted at any time by the current rights holder. The new owner of ReachOut Technology Corp. may pursue these claims at any time.
Court Judgment Was Procedural - Not a "Vindication"
Contrary to the implication of Mr. Aguayo's release, the default judgment was issued due solely to ReachOut Technology Corp.'s lack of legal representation following its sale. No discovery had begun, depositions given, or evidence presented at the time of judgement. The court's judgment was procedural, as stated in official hearing minutes, it had nothing to do with the facts or truth of the case. It happened because the previous subsidiary had no lawyer at the time.
Aguayo's Allegations About Contradict Court Records
Court documents confirm that Attorney Matt Nirider left his law firm (Nelson Mullins) for an in-house role. The motion to withdraw explicitly states: "Following Attorney Nirider's departure, ReachOut and Jordan desire to retain new counsel." The firm's withdrawal was based solely on attorney movement and client choice, not adverse facts.
Misleading Affidavit Falsely Cited As "Testimony" - Former Employee Was Fired for Cause
The misleading statement referenced as "under oath in federal court" was not court testimony at all but an affidavit from a former employee terminated for job abandonment, underperformance, and later found to have a conflict of interest for undisclosed side business activity. She was not subject to cross-examination and faces credibility challenges in any proceedings.
Customer Contracts Were Reacquired and Remain Active
In April 2025, YCRM publicly disclosed its reacquisition of customer contracts, intellectual property, and operational assets of the original ReachOut Technology Co. These are now under a new, fully operational subsidiary. This deal is wholly unrelated to the dismissed lawsuit and affirms YCRM's continuity and commercial strength.
Rick Jordan, CEO of Frequency Holdings, stated: "We're not going to let misinformation distract from the reality we've built. Our clients stayed. Our business is stronger than ever. And anyone trying to rewrite history for their own PR stunt should be careful what they invite."
YCRM reserves all rights. All legal remedies remain available and active. Any future litigation against Aguayo, whether civil or criminal in nature, remains entirely within the discretion of the asset holder.
This statement is provided solely for the benefit of shareholders, regulators, and stakeholders, and does not constitute an admission, denial, or waiver of any legal right or position.
PR Contact:
Cheryl Conner
SnappConner PR
801-806-0150
info@SnappConner.com
PR@frequencyhold.com
