TORONTO, Dec. 21, 2018 /CNW/ - Callidus Capital Corporation ("Callidus" or the "Company") (TSX:CBL) today commented on a recently served statement of claim brought on behalf of the company formerly known as Bluberi Gaming Technologies Inc. ("former Bluberi"), its former President Gerald Duhamel, and Mr. Duhamel's family trusts. The claim, filed with the Quebec Superior Court (Civil Division) on November 7, 2018, and served on Callidus on December 19, 2018, seeks damages against parties including Callidus and certain of its officers and directors, in the aggregate amount of approximately CDN$228 million. No relief other than money damages is being sought.
Callidus and the other defendants believe that the claims advanced by former Bluberi and its principal, Mr. Duhamel, are entirely spurious and without merit. Moreover, former Bluberi (which is currently under court protection pursuant to the Companies' Creditors Arrangement Act) and Mr. Duhamel's legal ability to advance the claim without consultation with, and approval of, former Bluberi's Creditors is currently one of several issues recently heard by the Quebec Court of Appeal and taken under advisement.
If the claim receives authorization to proceed on the part of former Bluberi's Creditors and/or the Court, Callidus intends to defend the claim vigorously and to seek its early dismissal.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the borrower's assets, its enterprise value and borrowing needs. Further information is available on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation