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:
The Equicom Group Inc.
Tel: (416) 815-0700 x278
Tel: (416) 572-2721