BELGRAVIA CAPITAL INTERNATIONAL INC. reports on the status of its legal actions relating to protecting and enforcing the Company’s interests in its investments. Belgravia has taken legal actions against certain companies to protect its investments and ensure it is compensated in accordance with management agreements that were negotiated. Risks associated with these investments are mitigated with these legal …
TORONTO, Nov. 01, 2019 (GLOBE NEWSWIRE) — BELGRAVIA CAPITAL INTERNATIONAL INC. (CSE:BLGV) (OTCQB:BLGVF) (“Belgravia” or the “Company”) reports on the status of its legal actions relating to protecting and enforcing the Company’s interests in its investments.
Belgravia has taken legal actions against certain companies to protect its investments and ensure it is compensated in accordance with management agreements that were negotiated. Risks associated with these investments are mitigated with these legal actions.
Tartisan Nickel (CSE:TN)
At present, the Company has taken the position to apply to the Superior Court of Justice for Civil Matters in Ontario (the “Superior Court”) for an order requiring the production of Tartisan’s undertakings in connection with pre-trial discoveries. The Company expects that this application will be upheld in the Superior Court. In addition, and in order to progress this civil action towards trial, if necessary, Belgravia has instructed its legal counsel (Groia & Co.) to obtain a court mediation as soon as possible. The Superior Court mediation is a required step before trial although Belgravia expects that Tartisan will remain unable to settle given its financial position and, accordingly, Belgravia is proceeding against D. Mark Appleby personally.
In June 2018, a legal action was commenced in the Superior Court by Belgravia. Certain facts had come to light which prompted the decision to initiate a civil action against Tartisan Nickel Inc. and D. Mark Appleby, the President of Tartisan. This action relates to the activities of Appleby and his associates in regard to negligent misrepresentation and breach of contract.
More than one year after commencement of the legal action, the decision of the Superior Court to order Appleby to attend pre-trial discoveries, after multiple delays, was upheld on August 29, 2019. Belgravia continues to await Tartisan’s counsel to produce its undertakings in connection with the pre-trial discoveries. Counterintuitively, Tartisan has requested an examination date be set for Mehdi Azodi, President & CEO of Belgravia, to which Belgravia has agreed to and anxiously awaits. Ironically, this examination date has also been delayed by Tartisan’s legal counsel. To date, communication with Tartisan’s legal counsel responding on behalf of Appleby, quite expectedly, has generated a continuous process of obfuscation and avoidance. Belgravia has made numerous attempts to connect with one of two of Tartisan’s independent board members to bring resolution to this action with no response. The Company firmly asserts that Tartisan does not wish to resolve this civil action, which, based on discussions with its counsel and advisors, Belgravia believes it will be successful in court.
At present, the Company, after making several attempts to resolve the outstanding bridge loan amount owed to the Company, in June 2019, Belgravia filed an Application for a Bankruptcy Order against Zonetail Inc. in the Superior Court (Bankruptcy and Insolvency Division).
In July 2018, Zonetail engaged Belgravia and made several misrepresentations in connection with its corporate mandate soliciting a bridge loan from Belgravia in the amount of $325,000. A promissory note was executed for payment in full of the short term bridge loan upon completion of the Zonetail RTO in November 2018.
Most recently, Belgravia has instructed its legal counsel to demand payment in full of the Company’s promissory note in the amount of $325,000 on November 1, 2019. Belgravia is considering taking additional legal action to recover such amounts owed.
Weekend Unlimited (CSE:POT)
Weekend Unlimited has a debt of $64,000 payable to Belgravia that remains outstanding. The Company has made several requests for payment seeking full and immediate payment of this aged receivable as per the contractual obligation by Weekend Unlimited in connection with the May 2018 agreement signed with R&D Pharma. The Company awaits the definitive timeframe to be provided for resolution of the Weekend Unlimited outstanding debt. Belgravia remains a shareholder and owns 4,682,847 common shares of Weekend Unlimited.
Avricore Health (TSX-V:AVCR)
During the period May to July 2019, Belgravia employees and consultants provided certain management services which included Corporate Governance, Corporate Secretarial, Chief Financial Officer, and Controller to Avricore Health for which a balance owing of $32,000 remains unpaid. Belgravia has been assured by the Board of Directors of Avricore this outstanding debt will be settled by the end of November 2019.
Belgravia Capital International Inc. is a publically traded investment holding company which invests in public and private companies in legal jurisdictions and under the rule of law. Belgravia and its investments are high risk business ventures and expose shareholders to financial risks. Belgravia Royalty & Management Services has a royalty and fee income model. Further, the cash and investment asset base provide capital to support expansion on a selective basis.
For more information, please visit www.belgraviacapital.ca
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding planned investment activities & related returns, the timing for completion of research and development activities, the potential value of royalties, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, changes in market trends, the completion, results and timing of research undertaken by the Company, risks associated with resource assets, the impact of general economic conditions, commodity prices, industry conditions, dependence upon regulatory, environmental, and governmental approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
For More Information, Please Contact:
Mehdi Azodi, President & CEO
Belgravia Capital International Inc.