Business
Input Capital Corp. Awarded $4.4 Million Plus Interest and Court Costs in Court Decision
Input Capital Corp. Awarded $4.4 Million Plus Interest and Court Costs in Court Decision ...
About this update from Ssc Security Services Corp.
[{"type":"text","content":"\n\n\n\nInput Capital Corp. Awarded $4.4 Million Plus Interest and Court Costs in Court Decision\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nREGINA, May 18, 2018\n\n\n\nREGINA, May 18, 2018 /CNW/ - Input Capital Corp. (\"Input\" or the \"Company\") (TSX Venture: INP) (US: INPCF) announces that yesterday, the Saskatchewan Court of Queen's Bench awarded Input a judgment for $4.4 million, together with interest and court costs, in a matter relating to a streaming contract on which a farmer in SE Saskatchewan defaulted.\n\n\n \n \n\n \nThe court also ruled in Input's favour on a number of issues which have been alleged in recent media reports. The court also ruled that:\n\n\nThe streaming contract with the farmer was not a partnership;\nThe Cost of Credit Disclosure Act does not apply;\nThere was no requirement for Input to be licensed under the Trust and Loans Corporations Act;\nThe Unconscionable Transactions Relief Act does not apply because the contract was not a loan;\nInput did not breach any of its contractual obligations to the client; and\nThe client was unjustly enriched by the default, and should be required to pay Input.\n\nWhile Input achieved success in the case, the court did make certain findings that Input believes to be in error.  Input is considering an appeal of these findings.\n\nABOUT INPUT\n\nInput is an agriculture commodity streaming company with a focus on canola, the largest and most profitable crop in Canadian agriculture. The Company has developed several flexible and competitive forms of financing which help western Canadian canola farmers solve working capital, mortgage finance and canola marketing challenges and improve the financial position of their farms. Under a streaming contract, Input provides capital in exchange for a stream of canola via multi-year fixed-volume canola purchase contracts. To a farmer, Input is like a virtual grain company, buying canola and providing financial solutions. To canola buyers, Input is like a large virtual farm which produces and sells canola over a large geographically dive...