ONEnergy Provides Update on Former Officer and Director Litigation
May 05 2014 - 3:30PM
Access Wire
TORONTO, ON / ACCESSWIRE / May 5, 2014
/ ONEnergy Inc. ("ONEnergy" or the
"Corporation") (TSXV: OEG and OEG.A), a growing provider of
innovative energy and energy conservation products and services to
residential, industrial and commercial customers in North
America, today provided an update on its ongoing
litigation regarding payments made to former officers and directors
of the Corporation. ONEnergy continues to aggressively
pursue recovery of payments made to the former officers and
directors, and substantial progress was made in 2013 and during Q1
2014. Progress made includes:
-the Ontario Court of Appeal dismissed the appeal from
Justice Pattillo's dismissal of applications for advances of
defence costs recognizing the Corporation had presented evidence to
overcome the presumption of good faith and that established a
strong prima facie case of mala fides, or bad faith, that was
likely to succeed at trial. Subsequently, the Supreme Court of
Canada also refused to grant leave to appeal from the Court of
Appeal's decision;
-examinations for discovery of the Corporation concluded
on April 28 and examinations for the action as a whole are
effectively concluded;
-a mediation with all defendants in the main action and
also with Stikeman Elliott is scheduled for July 30 and 31, 2014
with the Honorable George Adams, QC;
-a pre-trial is now scheduled for September 4,
2014;
-the Court directed that the parties be ready for trial
this year, and the Corporation is seeking a trial at the earliest
possible date and expects that a trial will take place late in 2014
or early 2015; and
-the Corporation's legal costs related to this litigation
are expected to decline significantly in 2014 should mediation be
successful or if mediation results in a significant narrowing of
issues and parties.
Management continues to believe it has a strong case and intends
to vigorously pursue recoveries for the benefit of the
Corporation's shareholders.
About ONEnergy Inc.
ONEnergy, through Sunwave (www.gosunwave.com), is a
provider of innovative energy products to residential, industrial
and commercial customers. ONEnergy provides homeowners and business
with competitively priced conventional and environmentally-friendly
green natural gas and electricity in Ontario and conventional and
green electricity in Connecticut and Pennsylvania. Through its Home
Comfort division, the Corporation provides residential heating,
ventilation, & air conditioning rentals, sales and
installation, and provides heating and air conditioning equipment,
tankless and conventional hot water systems and other in-home and
commercial appliances, products and services in Ontario, Alberta
and Manitoba.
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.
+1 (416) 444-4848
Ray de Ocampo
Chief Financial Officer
ONEnergy Inc.
+1 (416) 444-4848
Ali Mahdavi
Capital Markets & Investor Relations
Spinnaker Capital Markets Inc.
+1 (416) 962-3300
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.
SOURCE: ONEnergy Inc.
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