Renewal Fuels, Inc. (OTC: RNWF), operating under the business name American Fusion, disclosed that a Washington State court has dismissed all claims against defendant Justin Costello and vacated the company's motion for default judgment due to procedural deficiencies in citation formatting. The decision leaves intact default judgments previously entered against corporate defendants in the matter.
The company indicated it will refile a corrected motion to address the court's procedural concerns. Management characterized this action as the final material step required to complete a corporate restructuring with the Financial Industry Regulatory Authority (FINRA), which encompasses both a company name change and new ticker symbol designation.
The underlying litigation involves a dispute over two asset purchase agreements executed in 2021 and seeks rescission of those transactions along with the cancellation of approximately 1.683 billion outstanding shares. The resolution of this matter remains pending before the Washington State court as the company pursues completion of its planned corporate actions.