TORONTO, Oct. 12, 2021 /CNW/ - SPOT COFFEE
(CANADA) LTD. (TSXV:
SPP) ("SPoT Coffee" or the "Company") reports that
on January 29, 2015, SPoT Coffee Park
Place Inc. ("SPoT Park Place"), a Canadian company wholly owned by
SPoT Coffee, commenced legal action against Concord Adex
Investments Limited ("Concord Adex"), and filed a claim against
Concord Adex seeking damages for negligent misrepresentations in a
case relating to a lease it entered into with Concord Adex on
October 29, 2010. The lease provided,
among other things, 4,000 sq. ft. of leased premises located at 77
Provost Drive, North York, for
SPoT Park Place to build a SPoT Coffee café known as SPoT Coffee
Park Place café, which was eventually fully developed by SPoT Park
Place, and which opened its doors for business on November 29, 2012. Shortly thereafter in
May of 2013, and for reasons outlined in SPoT Coffee's claim, SPoT
Park Place had to permanently close its doors for business after
incurring heavy development and operational losses.
SPoT Coffee is pleased to announce today that, after 7
years culminating in a 5-day final trial that took place in the
first week of March of this year, the Honourable Justice
S. Vella of the Ontario Superior
Court of Justice found in favour of SPoT Park Place and awarded
damages for SPoT Park Place's operating losses of $269,296 and damages for the costs of building
the SPoT Park Place café of $757,755.34, as well as interest on the damages
to run from January 29, 2015, the
date the claim was filed by SPoT Park Place, until such time
Concord Adex makes full payment of the damages to SPoT Park Place.
Furthermore, the court asked SPoT Coffee's lawyers to file cost
submissions within the next 20 days to seek to recover their legal
costs. The Honourable Justice S.
Vella also dismissed a counterclaim made by Concord Adex
against SPoT Park Place.
To review the full 58-page judgement, you can visit the SPoT
Coffee's website or its social media channels on Wednesday, October 13.
The Company intends to use the funds that SPoT Park Place has
been awarded to continue with its plan to reduce its liabilities
and grow its assets.
About SPoT Coffee
SPoT Coffee has been designing, building and operating
company-owned and franchise community cafés in the northeastern
United States for over 25 years.
SPoT Coffee's cafés provide their customers with the highest
quality service, signature made-to-order meals and award-winning
micro-roasted coffee. Each SPoT café is distinctively
designed to suit the local neighbourhood, creating a warm and
friendly gathering place for the community. SPoT Coffee's
commercial business focuses on the sale of roasted coffee beans to
food service and grocery chains, business offices, and resellers
such as universities and hospitals.
We seek Safe Harbor.
Forward-Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. The
forward-looking information contained in this news release is
expressly qualified by this cautionary statement. Except as
required by applicable securities laws, the Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither 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 the release.
SOURCE Spot Coffee (Canada)
Ltd.