IBEX Reports Update on JF Gareau/Garvinci Lawsuit

IBEX Technologies Inc. (TSX VENTURE:IBT) today reported on the progress of its
action against JF Gareau and Garvinci Inc.


BACKGROUND

During the period from May 2006 to April 2007, IBEX (as part of a proposed
transaction) made a series of loans to Garvinci Inc. totaling $1,000,000. These
loans were personally guaranteed by JF Gareau, the principal shareholder of
Garvinci Inc.


These loans became due with interest in May 2008.

In an attempt to find a workable arrangement to allow Garvinci/Gareau to repay
the amounts due, IBEX entered into an arrangement (the "Escrow Agreement") with
Garvinci/Gareau which was signed in January 2009.


In September 2009 it became apparent that Garvinci/Gareau had failed to comply
with the terms of the Escrow Agreement and in October 2009, IBEX once again
demanded payment.


With no payment forthcoming by October 2010, IBEX was obligated to file an
action against Garvinci/Gareau in the Quebec Superior Court.


RECENT EVENTS

On May 15, 2012, the Quebec Superior Court allowed the IBEX claim to proceed
with a trial date set for April 2014.


"This has been a long and arduous road" said Paul Baehr, IBEX President and CEO,
"but we are pleased that now we have a direct path to a trial which we expect
will resolve this matter".


ABOUT IBEX

The Company manufactures and markets a series of proprietary enzymes
(heparinases and chondroitinases). These enzymes are used in pharmaceutical
research, quality assurance, and in the case of Heparinase I, in diagnostic
devices which measure hemostasis in patients.


IBEX also manufactures and markets a series of arthritis assays which are widely
used in pharmaceutical research. These assays enable the measurement of both the
synthesis and degradation of cartilage components, and are powerful tools in the
study of osteo- and rheumatoid arthritis.


For more information, please visit the Company's web site at www.ibex.ca. 

Safe Harbor Statement

All of the statements contained in this news release, other than statements of
fact that are independently verifiable at the date hereof, are forward-looking
statements. Such statements, based as they are on the current expectations of
management, inherently involve numerous risks and uncertainties, known and
unknown. Some examples of known risks are: the impact of general economic
conditions, general conditions in the pharmaceutical industry, changes in the
regulatory environment in the jurisdictions in which IBEX does business, stock
market volatility, fluctuations in costs, and changes to the competitive
environment due to consolidation or otherwise. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. IBEX disclaims any intention or obligation to update
these statements.

Ibex Technologies (TSXV:IBT)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024