XGEN Provides Update on Lawsuit Against Scott Henderson and Trojan Energy Inc.
June 12 2009 - 4:18PM
Marketwired
The Board of Directors of XGEN Ventures Inc. (the "Company" or
"XGEN") (NEX BOARD: XGN.H) is providing the following update with
respect to certain litigation.
In March 2008, XGEN filed a Statement of Claim in Alberta Court
of Queen's Bench (the "Action") against Scott Henderson and Trojan
Energy Inc., (the "Defendants") citing "fraudulent
misrepresentation," "breach of contract" and "breach of fiduciary
duty" with resultant voiding of a management agreement dated June
1, 2006 and cancellation of a net profit interest royalty
agreement.
In the Action, the Company asserted that the Defendants
fraudulently misrepresented its education, competency, and
certification as a Professional Reservoir and/or Professional
Petroleum Engineer. XGEN further asserted that these professional
credentials were either never earned or not maintained in good
standing.
On April 2, 2009, the Defendants filed a statement of defense
and counterclaim for specific performance of the Management
Agreement claiming an earned net profit entitlement. The Company
has responded by filing a Reply to Statement of Defence and Defence
to Counterclaim on April 24, 2009.
The Company views the Counterclaim as frivolous and without
merit. XGEN will vigorously defend its position.
The Company will provide updates as matters proceed.
Forward-Looking Statements
Information provided herein contains forward-looking statements.
The reader is cautioned that assumptions used in the preparation of
such information, which are considered reasonable by the Company at
the time of preparation, may prove to be incorrect. Actual results
achieved may vary from the information provided and the variations
may be material. There is no representation by the Company that
actual results achieved will be the same in whole or in part as
those indicated in the 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 this release.
Contacts: XGEN Ventures Inc. Rod J. MacKenzie Managing Director
403-201-0387
Xgen Ventures Inc. (TSXV:XGN.H)
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