SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 28, 2003
CORNICHE GROUP INCORPORATED
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(Exact name of registrant as specified in charter)
Delaware 0-10909 22-2343568
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
330 South Service Road, Suite 120, Melville, New York 11747
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(Address of principal executive offices) (Zip Code)
631-574-4955
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Registrant's Telephone Number
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
Corniche Group Incorporated (the "Company") has obtained a favorable
result in pending litigation. As discussed in the Company's prior SEC filings,
StrandTek International, Inc. had defaulted on the payment of $1,250,000 plus
accrued interest due to the Company on July 31, 2002. The Company ceased
accruing interest as of July 31, 2002 for financial statement purposes. As a
result, on August 6, 2002, the Company filed a complaint in the Superior Court
of New Jersey entitled Corniche Group Incorporated v StrandTek International,
Inc., a Delaware corporation, StrandTek International, Inc., a Florida
corporation, David M. Veltman, William G. Buckles Jr., Jerome Bauman and Jan
Arnett. The complaint seeks recovery of the $1,250,000 loan, plus interest,
costs and fees, and seeks recovery against the individual defendants pursuant to
their partial guarantees.
On February 28, 2003, the Court issued a ruling granting the Company
partial summary judgment with respect to the principal aspects of its complaint.
The Court rejected the defenses and agreed with the Company that it was entitled
to judgment against Strandtek and the guarantors. The Company will next seek to
have final judgment entered for the exact amounts due from each defendant. This
process is expected to take approximately 30 days. No assurances can be given
that StrandTek and/or the individual guarantors will not attempt to appeal the
Court's grant of summary judgment, or that the Company will be able to collect
on any judgment.
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This Report contains forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements represent management's judgment regarding future
events. Although management believes that the expectations reflected in such
statements are reasonable, they give no assurance that such expectations will
prove to be correct and you should be aware that actual results could differ
materially from those contained in the forward-looking statements due to a
number of factors. These factors include the risk that the Company will be
unable to collect on any judgment rendered against StrandTek or its principals
or those detailed in the Company's other reports filed with the Securities and
Exchange Commission. The Company undertakes no obligation to update or revise
the information contained in this Report whether as a result of new information,
future events or circumstances or otherwise.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
None
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORNICHE GROUP INCORPORATED
By: /s/ Mark Weinreb
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Name: Mark Weinreb
Title: President
Dated: March 4, 2003