Coventree Provides Further Update on D&O Insurance Claim

NEX Symbol: COF.H 

TORONTO, Sept. 21, 2011 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company") today provided a further update on its previously announced claim against Navigators Pro, on behalf of Lloyds Syndicate 1221 (Millenium Syndicate) (collectively, "Navigators Pro"), for coverage under its directors and officers liability insurance policy with Navigators Pro.

In October 2010, the Company commenced proceedings in the Superior Court of Justice of Ontario against Navigators Pro in respect of its claim for coverage under the policy to a limit of $5 million for the matters that were the subject of the notice of hearing and related statement of allegations issued by Ontario Securities Commission staff dated December 7, 2009.  On September 13, 2011, the Court ruled that the Navigators Pro policy is operative and must respond to the claim made by Coventree for coverage under that policy.  Navigators Pro has now appealed that decision to the Ontario Court of Appeal.  The date for the hearing of the appeal has not yet been set but Coventree expects that it will not be heard before 2012.  Until the appeal has been resolved, there can be no assurance regarding when Navigators Pro will pay under the policy nor as to whether Navigators Pro will be liable to provide coverage at all.

This press release is intended for distribution in Canada only.

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.

SOURCE Coventree Inc.

For further information:

Craig Armitage
The Equicom Group Inc.
Tel: (416) 815-0700 x278
Email: carmitage@equicomgroup.com 

-or-

Ani Hotoyan-Joly
Coventree Inc.
Tel: (416) 572-2721
Email: ani@coventree.ca

Profil de l'entreprise

Coventree Inc.

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