VANCOUVER, BC / CRWEPRESSRELEASE / September 3, 2015 / Inovent Capital Inc. (CVE:IVQ.P) (“Inovent”) and Canada Jetlines Ltd. (“Jetlines”) are pleased to announce a settlement of the outstanding litigation between them, first disclosed by Inovent in its news release of March 12, 2015.
Under the terms of the settlement, Jetlines has paid Inovent $25,000 and is required to pay a further $80,000 by September 30, 2015. In addition, Jetlines will issue to Inovent 200,000 warrants entitling Inovent to purchase 200,000 Jetlines common shares at price of $0.50 per share for a period of two years. Upon payment in full, Inovent will consent to a dismissal of its lawsuit against Jetlines without costs, and release the general security agreement registered by Inovent against Jetlines.
On behalf of the board of Inovent:
INOVENT CAPITAL INC.
Per: “David Brett”
David H. Brett, MBA
Chief Executive Officer & Director
For more information, please contact:
Forward-Looking Statement Cautions:
This news release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to the ongoing legal dispute between Inovent and Jetlines, and the payment of settlement proceeds to Inovent. Although Inovent believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Factors that could cause actual results to differ materially from these forward looking statements include, but are not limited to, the risk that Jetlines will fail to pay the balance of the settlement proceeds to Inovent. The reader is referred to Inovent’s filings, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for additional information on Inovent’s business dealings with Jetlines and the risk factors associated with Inovent’s business. Except as required by securities laws and the policies of the TSX Venture Exchange, Inovent disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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: Inovent Capital Inc.