TORONTO, Dec. 21, 2018 /CNW/ - Callidus Capital
Corporation ("Callidus" or the "Company") (TSX:CBL) today commented
on a recently served statement of claim brought on behalf of the
company formerly known as Bluberi Gaming Technologies Inc. ("former
Bluberi"), its former President Gerald
Duhamel, and Mr. Duhamel's family trusts. The claim,
filed with the Quebec Superior Court (Civil Division) on
November 7, 2018, and served on
Callidus on December 19, 2018, seeks
damages against parties including Callidus and certain of its
officers and directors, in the aggregate amount of approximately
CDN$228 million. No relief other than
money damages is being sought.
Callidus and the other defendants believe that the claims
advanced by former Bluberi and its principal, Mr. Duhamel, are
entirely spurious and without merit. Moreover, former Bluberi
(which is currently under court protection pursuant to the
Companies' Creditors Arrangement Act) and Mr. Duhamel's legal
ability to advance the claim without consultation with, and
approval of, former Bluberi's Creditors is currently one of several
issues recently heard by the Quebec Court of Appeal and taken under
advisement.
If the claim receives authorization to proceed on the part of
former Bluberi's Creditors and/or the Court, Callidus intends to
defend the claim vigorously and to seek its early dismissal.
About Callidus Capital Corporation
Established in
2003, Callidus Capital Corporation is a Canadian company
that specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional lending
institutions who demand a long list of covenants and make credit
decisions based on cash flow and projections, Callidus credit
facilities have few, if any, covenants and are based on the value
of the borrower's assets, its enterprise value and borrowing needs.
Further information is available on our
website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation