PreveCeutical Medical Inc. (CSE:PREV) (OTCQB:PRVCF) (FSE:18H) (the “Company” or “PreveCeutical”), announces that on December 17, 2018 it filed a Notice of Civil Claim with the Supreme Court of British Columbia (the “Notice of Civil Claim”) against Aly Babu Mawji, Justin Liu, BridgeMark Financial Corp., Rockshore Advisors Ltd. (formerly known as, Cam Paddock Enterprises Inc.), Detona Capital Corp., Escher Invest SA, Essos Corporate Services Inc., Jarman Capital Inc., JCN Capital Corp., Kendl Capital Limited, Lukor Capital, Northwest Marketing and Management Inc., Sway Capital Corp. and Tryton Financial Corp. (collectively, the “BridgeMark Group”).
In the Notice of Civil Claim, PreveCeutical made claims against the BridgeMark Group for fraudulent misrepresentation, breach of contract, conspiracy, unjust enrichment and breach of duty of honest performance in connection with services that the BridgeMark Group failed to provide to PreveCeutical, and various consulting agreements (the “Consulting Agreements”) and subscription agreements (the “Subscription Agreements”) entered into between PreveCeutical and certain members of the BridgeMark Group
The relief sought by PreveCeutical in the Notice of Civil Claim includes: rescission of the Consulting Agreements and the Subscription Agreements; all necessary actions to effect such recession, including an order that the relevant members of the BridgeMark Group return the securities issued to them by PreveCeutical under the Subscription Agreements and refund the consulting fees paid to them by PreveCeutical under the Consulting Agreements; damages; costs; and pre and post judgement interest.
“Given the conduct of the BridgeMark Group, we have no other choice but to defend the interests of our shareholders by pursuing this Notice of Civil Claim,” said PreveCeutical’s Chairman, CEO and President, Stephen Van Deventer.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for type 2 diabetes and obesity; a soluble gel drug delivery program; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9® is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. This product is available on the Company’s website.
On Behalf of the Board of Directors
“Stephen Van Deventer”
Chairman, CEO and President
For further information, please contact:
Director of Corporate Communications & Investor Relations
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the Supreme Court action. Often, but not always, forward-looking statements can be identified by words such as “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, “proposes” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward looking statements are based on certain assumptions regarding the Company, including that the Supreme Court action will result in a judgement in favour of the Company against the BridgeMark Group and that the Company will be able to obtain the relief sought in the Notice of Civil Claim and the Company’s research and development and business activities. Actual results could also differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the Supreme Court action and the inability of the Company, to, among other things, enforce a judgment against the BridgeMark Group and to complete its research and product development programs as planned. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the healthcare and cannabis industries in Canada may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, intentions and assumptions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations intentions or assumptions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company’s filings are available at www.sedar.com.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
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