Automodular Announces Trial Dates
(firmenpresse) - PICKERING, ONTARIO -- (Marketwired) -- 03/28/17 -- Automodular Corporation ("Automodular") (NEX:AM.H ) announces that the Honourable Justice G. Hainey of the Ontario Superior Court of Justice (Commercial List) has set the following dates in respect of Automodular's ongoing litigation against General Motors Company and General Motors of Canada Ltd. (collectively, "GM") (the "Claim"):
(1) a 14-day trial starting on February 20, 2018; and,
(2) a half day pre-trial conference on October 26, 2017.
As previously disclosed, Automodular commenced the Claim against GM and Inteva Products, LLC and Inteva Products Canada ULC (collectively, "Inteva") on May 13, 2011. The Claim relates to a contract (the "Contract") between GM and Automodular for the sequencing and sub-assembly of components and modules for the Chevrolet Camaro. By letter dated April 13, 2010, GM terminated the Contract effective September 20, 2010. GM then entered into a contract with Inteva for the same work that Automodular was performing under the Contract. Automodular alleges that GM's termination of the Contract was wrongful and in breach of the Contract. Automodular claimed $20.0 million against GM for breach of contract and against Inteva for inducing breach of contract. Automodular also sought punitive damages in the amount of $5.0 million. As previously disclosed, having obtained evidence from Inteva by way of the discovery process, on August 5, 2015, Automodular agreed to a dismissal of its claim against Inteva.
There can be no assurance that the claim will be successful or that Automodular will recover any amounts from GM. In the event that Automodular is not successful in its claim against GM, it could be exposed to a claim for recovery of legal costs by GM.
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.
Contacts:
Automodular Corporation
Christopher S. Nutt
President and CEO
(905) 420-0200
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Datum: 28.03.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 532911
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PICKERING, ONTARIO
Kategorie:
Parts and Accessories
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