ONEnergy Announces Update on Legal Action Against Former Management and Directors of Look Communications Inc.admin
TORONTO, CANADA (February 13, 2014) – ONEnergy Inc. ("ONEnergy" or the "Corporation") (TSXV: OEG and OEG.A), a growing provider of innovative energy products to residential, industrial and commercial customers in Ontario and the US, today announced a significant milestone regarding the Corporation’s legal actions against the former officers and directors of ONEnergy’s predecessor Look Communications Inc. ("Look").
Specifically, The Supreme Court of Canada announced today that it has dismissed the applications for leave to appeal with costs made by Michael Cytrynbaum and his personal services company First Fiscal Management Ltd. and also made by Gerald McGoey and his personal services company Jolian Investments Limited. Mr. Cytrynbaum and Mr. McGoey had applied to the Supreme Court for leave to appeal from a decision of the Ontario Court of Appeal released July 4, 2013 denying their applications for orders requiring the Corporation to advance their costs of defending the claims made by the Corporation against them. The Court of Appeal’s decision had upheld the decision of Justice Pattillo made on September 28, 2012 denying applications for advancement made by Mssrs. Cytrynbaum, McGoey, Redman, Colbran and Smith.
The defendants in the main Look/ONEnergy action (which seeks repayment of amounts paid to the former officer and directors) have made third party claims against Stikeman Elliott. Stikeman Elliott is now examining the defendants/third party plaintiffs for discovery as the Commercial Court has directed that the parties should be prepared for a trial in 2014.
"The refusal of the Supreme Court of Canada to grant leave to appeal to the defendants in this case further solidifies ONEnergy’s position that the payments made to the former officers and directors of ONEnergy’s predecessor Look were inappropriate and unjust." said Mark J. Lewis, Chief Executive Officer of ONEnergy Inc. "We look forward to advancing our case at trial this year and to achieving justice for the shareholders of ONEnergy."
ONEnergy, through Sunwave Gas & Power Inc. (www.gosunwave.com), is a licensed provider of innovative energy products to residential, industrial and commercial customers. ONEnergy is licensed to provide natural gas and electricity in Ontario and electricity in Connecticut and Pennsylvania, and has pending electric supplier licensing applications in Massachusetts and New York.
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.
Chief Executive Officer
Capital Markets & Investor Relations
Spinnaker Capital Markets Inc.
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.
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.
Posted: February 13th, 2014 under ACCESSWIRE.