dynaCERT Annouces Dismissal of Counterclaim
TORONTO, June 14, 2013 /CNW/ - dynaCERT Inc. (TSX -V: DYA) ("Dynacert" or the "Corporation") today announced the dismissal of the counterclaim by "Bearance ("Bearance") and his company Synergic Distribution Inc. ("Synergic") against the Corporation and the individually named directors", as described in (note 7) to the Audited Consolidated Financial Statements year ended December 31st, 2012. (See below).
The Corporation and its legal representative Lancaster Brooks and Welsh (LBW) were successful in having the Counterclaim by ("Bearance") and his company ("Synergic") against the Corporation and the individually named Directors dismissed. The Divisional Court found palpable and overriding errors made by the original motions and on June 12, 2013 dismissed the case.
The Corporation would like to thank LBW for their services during this process and are pleased that the counterclaim has been dismissed allowing the Corporation to close this file.
Consolidated Financial Statements year ended 2012
7. Contingencies and Commitments
(i) The Company and certain former Directors of the Company were originally sued by a distributor Paul Bearance ("Bearance") and his company Synergic Distribution Inc. ("Synergic") in a Small Claims Court action in Ontario, pertaining to the sale of a Jetstar™ hydrogen generator. The Small Claims Court action was ultimately dismissed administratively as a result of Bearance's failure to comply with two court orders that directed him to particularize the pleadings of fraudulent misrepresentation and to serve all documents on which he intended to rely to defendants' counsel by a stipulated date. Before the order of dismissal was made, the Company and the same individuals who had been named as defendants in the Small Claims Court action commenced a separate action as plaintiffs in the Ontario Superior Court of Justice for defamation and intentional interference with economic interests. Among other things, the plaintiffs claim:
a) general and aggravated damages for defamation in the amount of
b) general and aggravated damages for wrongful interference with economic relations in the amount of $1,000,000;
c) general and aggravated damages for injuries falsehood in the amount of $1,000,000; and
d) aggravated, punitive and exemplary damages in the amount of $500,000.
The claim is based, at least in part, on Bearance's admission in the Small Claims Court proceeding that he had contacted third parties and encouraged them not to do business with the Company and its directors. Bearance and Synergic have defended the action by way of a defence and counterclaim wherein they seek, among other things:
a) general damages for fraudulent or negligent misrepresentation in the
amount of $195,000;
b) ages for breach of contract and breach of fiduciary duties in the amount of $150,000;
c) aggravated and punitive damages for $2,000,000
About DynaCERT Inc.
DynaCERT Inc. is a Toronto, Ontario based energy sector company engaged in the manufacture, distribution, installation and marketing of a transportable hydrogen generator retrofit targeted for use in the heavy tractor trailer industry. Its flagship product, Hydragen®, is a patent-pending aftermarket retrofit solution that provides combustion enhancement by mixing hydrogen and oxygen into a vehicle's intake air to provide the engine with a more complete burn of the fuel in its internal combustion engine. Its business was founded in 2001 and more information about its products can be viewed at its website at www.dynacert.com.
This release includes forward looking statements, which are based on certain assumptions and reflects management's current expectations. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE dynaCERT Inc.