TORONTO, Jan. 16, 2019 (GLOBE NEWSWIRE) — 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.