Datametrex Issues Statement of Claim
January 16 2019 - 7:00AM
Datametrex AI Limited (the “
Company” or
“
Datametrex”) (
TSXV: DM, FSE:
D4G) announces that it and its wholly owned subsidiary,
Ronin Blockchain Corp. (“
Ronin”), have issued a
statement of claim in the Ontario Superior Court of Justice (the
“
Statement of Claim”) against Oak Mason
Investments Inc., Stanley Park Ventures Ltd., Ironport Blockchain
Financial Inc., 0718512 BC Ltd. (collectively, the
“
Vendors”) as well as certain other entities
alleged to be involved with the Vendors (the “
Additional
Entities”) prior to, at the time of, or after completion
of the Transaction. The Statement of Claim concerns, among other
causes of action, the alleged breach by the Vendors of certain
representations and warranties in the share purchase agreement
entered into between Datametrex and the Vendors on January 15, 2018
(the “
Share Purchase Agreement”) pursuant to which
Datametrex acquired all of the issued and outstanding common shares
of Ronin from the Vendors (the “
Transaction”).
Pursuant to the Statement of Claim, Datametrex is seeking, among
other things: (i) damages in the amount of $11,839,485; and (ii) a
declaration that no further shares or amounts are owed by
Datametrex to the Vendors pursuant to the Share Purchase Agreement.
Datametrex is also seeking damages and declarations as against the
Additional Entities in relation to their conduct.
About Datametrex AI Limited
Datametrex AI Limited is a technology focused
company with exposure to Artificial Intelligence and Machine
Learning through its wholly owned subsidiary, Nexalogy
(www.nexalogy.com) and Implementing Blockchain technology for
secure Data Transfers through its investee company, Graph
Blockchain (www.graphblockchain.com).
For further information, please
contact:
Jeffrey Stevens - President & COO |
Phone: (647) 400-8494 |
Email: jstevens@datametrex.com |
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. |
Forward-Looking Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in
nature may constitute forward-looking information. In some cases,
forward-looking information can be identified by words or phrases
such as "may", "will", "expect", "likely", "should", "would",
"plan", "anticipate", "intend", "potential", "proposed",
"estimate", "believe" or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions "may" or "will"
happen, or by discussions of strategy.
The forward-looking information contained in
this press release includes information relating to the future
outcome of the outlined Statement of Claim.
Forward-looking information is based upon
certain material assumptions that were applied in drawing a
conclusion or making a forecast or projection, including
management's perceptions of historical trends, current conditions
and expected future developments, as well as other considerations
that are believed to be appropriate in the circumstances.
While we consider these assumptions to be
reasonable based on information currently available to management,
there is no assurance that such expectations will prove to be
correct. By their nature, forward-looking information is subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be
achieved.
A variety of factors, including known and
unknown risks, many of which are beyond our control, could cause
actual results to differ materially from the forward-looking
information in this press release. Such factors include, without
limitation, those discussed in the Company's current MD&A,
which has been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking information. The forward-looking
information contained herein is made as of the date of this press
release and is based on the beliefs, estimates, expectations and
opinions of management on the date such forward-looking information
is made. The Company undertakes no obligation to update or revise
any forward-looking information, whether as a result of new
information, estimates or opinions, future events or results or
otherwise or to explain any material difference between subsequent
actual events and such forward-looking information, except as
required by applicable law.
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