On August 20, 2018, the Company filed a Motion to Vacate the Final Arbitration Award in New York civil court (the Court) and various Court proceedings were carried out between January 2019 and April 2019.
On May 20, 2019, the Court issued a Decision and Order denying the Company's petition to vacate the Final Arbitration Award and also granted the Claimant's cross motion to confirm the Final Arbitration Award. The Company has reviewed this matter with legal counsel and intends to appeal the Court's decision in New York appellate court, as well as continue to explore other available options. The Company cannot provide any assurance on the likelihood of success in being able to challenge this Court decision. If the appeal is unsuccessful, the Company will be insolvent and unable to carry on future operations, as its available liquid assets would be insufficient to pay the damages award.
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's filings with Canadian securities regulators (www.sedar.com).