Business
Ontario Superior Court Rules in Favor of Former CEO in Garnishment Proceedings Against Wi2Wi
TORONTO, ON / ACCESSWIRE / October 29, 2018 / Wi2Wi Corporation ("Wi2Wi" or the "Company") (T...
About this update from Wi2wi Corp.
[{"type":"text","content":"Ontario Superior Court Rules in Favor of Former CEO in Garnishment Proceedings Against Wi2WiTORONTO, ON / ACCESSWIRE / October 29, 2018 / Wi2Wi Corporation (\"Wi2Wi\" or the \"Company\") (TSX-V: YTY) announces that the Ontario Superior Court has ruled in favour of its former CEO in garnishment proceedings against Wi2Wi and ordered the Company to pay the sum of $962,219.63 plus accrued interest to the Sheriff in the city of Toronto pursuant to the notice of garnishment (the \"Ontario Court Decision\").The garnishment proceedings were commenced following the decision of the Supreme Court of Canada in Wilson v. Alharayeri, 2017 SCC 39 holding two former Wi2Wi directors personally liable for corporate oppression. The former directors were no longer affiliated with Wi2Wi.The Company has notified its insurers of the Ontario Court Decision and is in the process of reviewing it.Wi2Wi has thirty days to appeal the Ontario Court Decision.For further information, please contact: Zachariah Mathews Chief Executive Officer 408 416 4000 [email protected] 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.About Wi2Wi CorporationWi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices. The Company's products and services address numerous applications in the markets of Internet of Things (IoT), Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects. Wi2Wi's products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers, worldwide. The Company was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI. The branch office, located in Hyderabad, India, focuses on the development of ...