ONEnergy Announces Update on Legal Action Against Former Management and Directors of Look Communications Inc.
14 2월 2014 - 4:58AM
Access Wire
TORONTO, CANADA
(February 13, 2014) - ONEnergy Inc.
("ONEnergy" or the "Corporation") (TSXV: OEG and OEG.A),
a growing provider of innovative energy products to
residential, industrial and commercial customers in Ontario and the
US, today announced a significant milestone regarding the
Corporation's legal actions against the former officers and
directors of ONEnergy's predecessor Look Communications Inc.
("Look").
Specifically, The Supreme Court of
Canada announced today that it has dismissed the applications for
leave to appeal with costs made by Michael Cytrynbaum and his
personal services company First Fiscal Management Ltd. and also
made by Gerald McGoey and his personal services company Jolian
Investments Limited. Mr. Cytrynbaum and Mr. McGoey had applied to
the Supreme Court for leave to appeal from a decision of the
Ontario Court of Appeal released July 4, 2013 denying their
applications for orders requiring the Corporation to advance their
costs of defending the claims made by the Corporation against them.
The Court of Appeal's decision had upheld the decision of Justice
Pattillo made on September 28, 2012 denying applications for
advancement made by Mssrs. Cytrynbaum, McGoey, Redman, Colbran and
Smith.
The defendants in the main Look/ONEnergy
action (which seeks repayment of amounts paid to the former officer
and directors) have made third party claims against Stikeman
Elliott. Stikeman Elliott is now examining the defendants/third
party plaintiffs for discovery as the Commercial Court has directed
that the parties should be prepared for a trial in 2014.
"The refusal of the Supreme Court of
Canada to grant leave to appeal to the defendants in this case
further solidifies ONEnergy's position that the payments made to
the former officers and directors of ONEnergy's predecessor Look
were inappropriate and unjust." said Mark J. Lewis, Chief Executive
Officer of ONEnergy Inc. "We look forward to advancing our case at
trial this year and to achieving justice for the shareholders of
ONEnergy."
About ONEnergy Inc.
ONEnergy, through
Sunwave Gas & Power Inc. (www.gosunwave.com), is a licensed
provider of innovative energy products to residential, industrial
and commercial customers. ONEnergy is licensed to provide natural
gas and electricity in Ontario and electricity in Connecticut and
Pennsylvania, and has pending electric supplier licensing
applications in Massachusetts and New York.
ONEnergy shares are
listed on the TSX Venture Exchange under the symbols "OEG" for
Multiple Voting Shares and "OEG.A" for Subordinate Voting Shares.
ONEnergy's website may be found at www.onenergyinc.com.
Mark Lewis
Chief Executive Officer
ONEnergy Inc.
(416) 444-8810
Ali Mahdavi
Capital Markets & Investor
Relations
Spinnaker Capital Markets
Inc.
(416) 962-3300
The
corporate information contained in this release includes
forward-looking statements regarding future events and the future
performance of ONEnergy and its subsidiaries that involve risks and
uncertainties that could cause actual results to differ materially.
Assumptions used in the preparation of such information, although
considered reasonable by ONEnergy at the time of preparation, may
prove to be incorrect. The actual results achieved may vary from
the information provided herein and the variations may be material.
Consequently, there is no representation by ONEnergy that actual
results achieved will be the same, in whole or in part, as those
forecast.
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.
ONEnergy (TSXV:OEG)
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ONEnergy (TSXV:OEG)
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