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ENPAR Technologies Inc. - Arbitration decision
TORONTO, Nov. 18 /CNW/ - The arbitration award was released today in the case of ENPAR Technologi...
About this update from Current Water Technologies Inc
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 18 /CNW/ - The arbitration award was released today in the\ncase of ENPAR Technologies Inc. vs. Biosource Inc. The arbitrator made the\nfollowing declaration:\n\n\n"It is declared that Biosource properly terminated the Agreement by its\nletter of July 10, 2007 on the ground that ENPAR failed to meet the Agreement\nnet sales target for 2006."\n\n\nThe basis for this decision was a ruling that cash-based accounting must\nbe used to report revenue rather than the accrual method employed by ENPAR.\n\n\nThe parties are to confer and are to let the Arbitrator know within 30\ndays whether they wish to have any further proceedings on the remaining counts\nin Biosource's demand for arbitration. The administrative fees and expenses of\nthe International Centre for dispute Resolution and the compensation and\nexpenses of the Arbitrator will be allocated in the Final Award as calculated\nby the ICDR.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n\n\nENPAR is a "Technology Company" applying its patented and proprietary\n"Electrochemical Technologies" to the treatment of waste water and drinking\nwater contaminated by metals or nutrients i.e., nitrate/ammonia associated\nwith the mining, metal processing, chemical, agricultural, municipal and waste\nmanagement sectors. The common shares trade on Tier ll of the TSX Venture\nExchange under the symbol "ENP".\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":2111,"tagName":"div"}]