Business
ENPAR commences arbitration against Licensor
ENPAR commences arbitration against Licensor.
About this update from Current Water Technologies Inc
[{"type":"text","content":"\n\n\n\nGUELPH, ON, Aug. 24 /CNW/ - ENPAR Technologies Inc. ("ENPAR") commenced\narbitration against the Licensor of an important component of its DesEL\nSystem. This action arises from a purported termination by the Licensor of the\nNon-exclusive License Agreement. ENPAR believes that the Licensor has\nattempted to manufacture a breach of the Agreement to force ENPAR to\nrenegotiate on terms more favourable to the Licensor.\n\n\nThe allegations of default are groundless in the view of the Board of\nDirectors. ENPAR has retained Bennett Gastle Professional Corporation,\nBarristers & Solicitors in Toronto and Bingham McCutchen LLP in Boston.\nDeloitte & Touche have been retained to provide expert accounting opinions on\ncertain issues at the arbitration.\n\n\nAlthough unfortunate, ENPAR believes that this opportunity to confirm its\ncompliance with the Non-exclusive License Agreement will provide the basis for\ncontinuance of the Agreement in good standing and prevent unjustified\nallegations of non-compliance in the future, at the time when the technology\nis commercialized.\n\n\nENPAR believes that the arbitration, which is expected to last from four\nto six months, will not interfere with its current business activities.\n\n\nENPAR will continue to aggressively market its 100% owned and\npatented/patent pending state-of-the-art electrochemical technologies for Ni\nrecovery (ExtrEL), water treatment (AmmEL and NitrEL), and prevention of acid\nmine drainage (AmdEL).\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\nThis news release contains forward-looking statements within the meaning\nof the "safe harbour" provisions of the Private Securities Litigation Reform\nAct of 1995. These forward-looking statements are subject to risks and\nuncertainties and other factors that may cause ENPAR Technologies Inc. results\nto differ materially from expectations. These include risks relating to market\nfluctuations, property performance and other risks. These forward-looking\nstatements speak only as of the date hereof.\n\n\n","length":2214,"tagName":"div"}]