Court rules in favor of investor, demands Zoetic pay $65,000

Just over one week after an investor demanded a company looking to open a refrigerant plant in downtown Youngstown pay him what he is owed, a court has ruled in favor of that investor.

According to a court filing dated May 16, Zoetic Refrigerants was ordered to pay investor Samuel Orr $65,000 plus interest and court costs.

A filing dated May 6 stated that Orr was promised stock in Zoetic under payment of a discreet sum. Orr paid that sum and Zoetic agreed to purchase back that stock upon certain terms and conditions.

Zoetic was informed on March 24 that they had until April 24 to pay back the money, but court filings show that this never happened.

Zoetic planned to open a life refrigerant plant in downtown Youngstown, promising to create 30 jobs for the city. However, Zoetic later stopped all operations in the city and left taking all their assets with them claiming this was because of a security breach.

You can read much more about Zoetic and the legal action taken against it from investors and the building's landlord in our related coverage below.

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