Business
SonnenEnergy Corp. Subject to Court Application
TORONTO, Dec. 10 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the Company") (TSX-V: PWR) announ...
About this update from Captiva Verde Wellness Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 10 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the\nCompany") (TSX-V: PWR) announces that it is engaged in legal proceedings with\nits largest shareholders, Hans and Maria Hager, having been served with an\napplication in the Ontario Superior Court of Justice on November 25, 2008 with\nrespect to the status of shares held by Mr. Hager and certain voting of Mr.\nand Mrs. Hager's shares at the recent Annual and Special Meeting of\nShareholders.\n\n\nMr. and Mrs. Hager's 27,500,000 common shares, which represent\napproximately 49.9% of the outstanding shares, were considered to be voted at\nthe Annual Meeting pursuant to an irrevocable proxy voting agreement they had\nsigned in favour of the Company's President and Chief Executive Officer, Jeff\nDennis. Mr. Hager attended at the meeting and purported to submit different\nproxies, which proxies were not accepted.\n\n\nThe Company is engaged in proceedings in Germany to realize on the\n13,750,000 common shares held by Mr. Hager, which had been pledged to the\nCompany as security for a (euro)632,592.96 principal amount loan. The Company\nhas obtained an order in Germany allowing it to seize the subject shares. Mr.\nHager is now challenging that order in Germany. The Company has also proposed\na mediation.\n\n\nThe Hagers are seeking, in Canada through the Ontario Superior Court,\nvarious relief including orders providing that the board of directors elected\nat the Annual and Special Meeting was not properly elected and re-instating\nthe shares seized from Mr. Hager pursuant to the German courts.\n\n\nAn interim injunctive order has been issued in Ontario providing that\nSonnenEnergy is to continue operating its business in the normal course until\nmatters can be heard by the Ontario court. The Company is not allowed, except\nwith a court order, to issue any shares from treasury at this time, except in\nrespect of the exercise of previously issued options or warrants.\n\n\nSonnenEnergy intends to defend itself in respect of the matters at issue\nin the Ontario court proceedings, while continuing its legal proceedings in\nGermany and Ontario to complete the seizure and cancellation of Mr. Hager's\n13,750,000 shares.\n\n\nAbout SonnenEnergy\n\n\nSonnenEnergy is a solar power systems integrator and solar power\nproducer. The company markets, se...