COMPANY RECEIVES $1 MILLION
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH ANY UNITED STATES WIRE SERVICES/
MARKHAM, ON, June 7, 2017 /CNW/ - Nexia Health Technologies Inc. (TSX-V: NGH.H) ("Nexia" or the "Company") announced today that it had reached an agreement to settle a legal dispute.
As a result of this settlement, the Company received one million Canadian dollars ($1.0 million) as full and final release of all matters related to this dispute.
The Company remains involved in another legal matter with a former software development vendor of the Company claiming payment for service fees and termination fees, which the Company believes are excessive and not supported by the agreements. Nexia has filed a counterclaim seeking reimbursement for damages and fees already paid. This dispute is currently in arbitration in the State of New York.
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: Nick Clemenzi, CFO, Nexia Health Technologies Inc., Tel: 905-415-3063, [email protected]