The okcCoCo is announcing that it is being forced to cease operations and dissolving the company. A lawsuit brought by US Fleet Tracking against the okcCoCo has brought the company’s operations to a halt by depleting all its funds.
Online PR News – 02-October-2012 – Oklahoma City, OK – The okcCoCo is announcing that it is being forced to cease operations and dissolving the company. A lawsuit brought by US Fleet Tracking against the okcCoCo has brought the company’s operations to a halt by depleting all its funds (District Court of Oklahoma County, State of Oklahoma, CJ-2012-3395). okcCoCo founders argue that while they would likely win the lawsuit, the funds to do just are just not available.
Since 2009, the okcCoCo’s mission has been centered on improving the technical, creative and entrepreneurial opportunities, resources and community in Oklahoma City. “Through our efforts we have helped to find members freelance work and employment, we have promoted and fostered well over 100 startup companies, held dozens of events for technology professionals and entrepreneurs, and have provided meeting space for tens of professional groups.” says Tommy Yi, an okcCoCo co-founder. The okcCoCo is recognized as having created a technology and entrepreneurial hub in Oklahoma City.
The legal dispute between okcCoCo and US Fleet Tracking is over a sponsorship agreement made on January 25th, 2012 for $23,000. Some four months later, on May 15th, US Fleet Tracking demanded the return of the funds even though the return of funds was not required by the terms of the sponsorship agreement. US Fleet Tracking filed suit to recover the funds on June 4th, 2012. In spite of multiple attempts at settlement, terms of which included both sponsorship opportunities and repayment of the original sum plus interest, no settlement has been reached.
“It’s such a shame that after we’ve worked so hard to build an open and inclusive community of entrepreneurs and technology professionals in Oklahoma City where none existed five years prior, that all of that hard work will come to naught.” says Derrick Parkhurst, managing member of the okcCoCo.