/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES/
MARKHAM, ON, Jan. 29, 2018 /CNW/ - Nexia Health Technologies
Inc. (TSXV-NGH.H) (the "Company") is providing an update of the
status of its previously disclosed legal dispute involving a
software vendor (the "Claimant").
The Company and Claimant participated in arbitration hearings in
late September 2017. After market close on January 26, 2018, the Company was advised by the
arbitrator that it has issued a final partial award in the
Claimant's favour upholding certain claims for breach of contract
relating to unpaid service fees and termination fees. The quantum
of damages will be determined by the arbitrator after a further
hearing which is scheduled to take place in late April
2018.
The Company strongly disagrees with the findings of the
arbitrator and is exploring its legal options and may elect to
pursue this matter in court. The Company provides no assurance on
the likely outcome of any decision of an applicable court. If such
outcome is unsuccessful, the Company's financial condition will be
adversely and significantly impacted.
The Company will provide updates on this matter as and when it
becomes aware of new additional material information.
Forward-Looking Statements:
This release contains forward-looking statements.
Forward-looking statements, without limitation, may contain the
words believes, expects, anticipates, estimates, intends, plans, or
similar expressions. Forward-looking statements are not guarantees
of future performance. They involve risks, uncertainties and
assumptions and actual results could differ materially from those
anticipated. 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.
In the context of any forward-looking information please refer to
risk factors detailed in, as well as other information contained in
the Company's filings with Canadian securities regulators
(www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Nexia Health Technologies Inc.