Coventree Comments on Tai Statement of Claim
11 Ottobre 2011 - 11:27PM
PR Newswire (Canada)
NEX Symbol: COF.H TORONTO, Oct. 14, 2011 /CNW/ - Coventree
Inc. (NEX: COF.H) ("Coventree" or the "Company") today announced
that Dean Tai and certain corporations affiliated with him have
commenced proceedings against Coventree and Coventree's transfer
agent, Equity Financial Trust Company, in the Superior Court of
Justice of Ontario. Mr. Tai is a former CEO and director of
Coventree and currently owns or controls, directly or indirectly,
approximately 25% of the outstanding common shares of Coventree.
Mr. Tai's claim relates to the previously disclosed decision in
April 2009 to cancel 736,522 common shares of Coventree that were
issued to him under Coventree's 2005 Share Allocation Plan (the
"Tai SAP Shares"). Following the termination of Mr. Tai's
employment with Coventree in February 2009, the independent
directors of Coventree conducted a review of Tai's entitlement to
those shares. As a result of that review, the independent
directors determined that the shares were not validly issued and
Coventree cancelled those shares. In his statement of claim, Mr.
Tai asserts that, in cancelling the Tai SAP Shares, Coventree acted
in a way that was oppressive and is claiming damages equal to the
value of 736,522 common shares of Coventree, to be valued at their
highest share price between the date of April 15, 2009 and the date
of trial, plus prejudgement interest and costs. Coventree intends
to defend the claim and believes it has no merit as Coventree
believes its action in cancelling the Tai SAP Shares was lawful.
This press release is intended for distribution in Canada only.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Coventree Inc. CONTACT:
__________________________________________________________|Craig
Armitage |Ani Hotoyan-Joly ||The Equicom Group Inc. |Coventree Inc.
||Tel: (416) 815-0700 x278 |Tel: (416) 572-2721 ||Email:
carmitage@equicomgroup.com|Email:
ani@coventree.ca||_________________________________|________________________|
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