Business
Zonetail and Belgravia Hartford Complete Settlement Agreement and Mutual Release
Toronto, Ontario--(Newsfile Corp. - January 8, 2024) - Zonetail Inc. (TSXV: ZONE) (OTC Pink: ZTLL...
About this update from Zonetail, Inc.
[{"type":"text","content":"Zonetail and Belgravia Hartford Complete Settlement Agreement and Mutual ReleaseToronto, Ontario--(Newsfile Corp. - January 8, 2024) - Zonetail Inc. (TSXV: ZONE) (OTC Pink: ZTLLF) (\"Zonetail\" or the \"Company\") is pleased to announce that the Company and Belgravia Hartford Capital Inc. (CSE: BLGV) (\"Belgravia\") (together the \"Parties\") have executed a Settlement Agreement and Mutual Release (the \"Agreement\").BackgroundIn 2019, Belgravia brought an insolvency claim against Zonetail, which disrupted the Company's operations and had a significant negative effect on Zonetail's ability to raise capital. In response, Zonetail served a statement of claim against Belgravia for damages, and in 2020, Belgravia filed a counterclaim (together the \"Action\"). The Parties have been engaged in a costly legal battle ever since.Terms of SettlementThe Parties have agreed to settle all outstanding matters, including the Action, on a without cost basis, resulting in Zonetail writing off all indebtedness to Belgravia in the amount of approximately $557,000 and terminating all obligations under previous agreements with Belgravia.Mark Holmes, CEO of Zonetail, stating, \"It has taken the better part of five years, but we have finally put this mess behind us. This settlement proves once and for all that Zonetail's position in this matter was justified. With this settlement, we not only remove a significant amount of debt off our balance sheet, but we also eliminate the heavy legal costs that the Company has been incurring since 2019. Our shareholders should be very pleased at this outcome.\"In addition to the $557,000, Zonetail also recently paid off a debenture from 2019 for $160,000 plus accrued interest for a total of $756,000 in debt that is no longer owed.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About ZonetailZonetail Inc. (TSXV: ZONE) (OTC Pink: ZTLLF) is a mobile platform and market network. Our Mission is to provide a state-of-the-art mobile platform that enables high-rise residents to better manage their homes by connecting people to products, amenities, and services. Our Vision is to build a critical mass of users in the hard-to-reach, high rise residential vertical, th...