/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES/
MARKHAM, ON, Jan. 29, 2018 /CNW/ - Nexia Health Technologies Inc. (TSXV-NGH.H) (the "Company") is providing an update of the status of its previously disclosed legal dispute involving a software vendor (the "Claimant").
The Company and Claimant participated in arbitration hearings in late September 2017. After market close on January 26, 2018, the Company was advised by the arbitrator that it has issued a final partial award in the Claimant's favour upholding certain claims for breach of contract relating to unpaid service fees and termination fees. The quantum of damages will be determined by the arbitrator after a further hearing which is scheduled to take place in late April 2018.
The Company strongly disagrees with the findings of the arbitrator and is exploring its legal options and may elect to pursue this matter in court. The Company provides no assurance on the likely outcome of any decision of an applicable court. If such outcome is unsuccessful, the Company's financial condition will be adversely and significantly impacted.
The Company will provide updates on this matter as and when it becomes aware of new additional material information.
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's filings with Canadian securities regulators (www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nexia Health Technologies Inc.
For further information: Nexia Health Contact:Nexia Health Technologies Inc., Nick Clemenzi, Chief Financial Officer, [email protected], 905-415-3063