DXStorm denies TDL's Claims and Sues TDL and an individual defendant for
$67,607,591 and other amounts.
OAKVILLE, ON, April 11 /CNW/ - DXStorm.com Inc. announced today that it
has responded to the claims of TDL Group Ltd. in the Ontario Superior Court of
Justice. In addition to categorically denying TDL's claims, DXStorm
counterclaimed against TDL and an individual for breach of contract,
intentional interference with contractual relations and the misappropriation
of know how and confidential information.
In its Statement of Defence and Counter-Claim, DXStorm denies Tim
Horton's claims and asserts claims against TDL for breach of a five-year
"TimCard" agreement with DXStorm, under which DXStorm would provide a branded
quick payment card to Tim Horton's locations across Canada. DXStorm also
claims recovery of two years of expenses for installation and maintenance of a
Timcard micropayment system in Tim Horton's locations in Oakville, Ontario.
"The TimCard solution we developed was, and still is, years ahead of what
other competitors offer," reflected DXStorm President Zoran Popovic. "We went
to great lengths to accommodate TDL. It was such a major opportunity for an
innovative local company like DXStorm. They asked us to trust in their good
faith, and unfortunately we did."
DXStorm's counterclaim asserts that, TDL unlawfully misappropriated
DXStorm's know how and confidential business information, and refused to
rollout DXStorm's micropayment system in Tim Horton's stores contrary to their
agreement. The claim further states that TDL intentionally interfered with
DXStorm's contractual relations with strategic partners, failed to pay the
cost of implementing the branded micropayment system customized by DXStorm
specifically for use in Tim Horton's stores, and restrained DXStorm from
promoting, marketing or selling its micropayment system to TDL competitors.
DXStorm focused considerable resources on the TDL contract for over three
years. It claims general damages in the amount of $63,000,000, special damages
of $2,436,979 and aggravated and punitive damages of $1,500,000, interest and
About DXStorm.com, Inc. (TSX-V:DXX)
DXStorm is an E-Business engineer and service provider. For more
information, please visit www.dxstorm.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: TEL: (905) 842-8262, ext. 248, DXStorm.com,
Inc., Media Contact: John Potwin, E-mail: firstname.lastname@example.org