CORRECTION FROM SOURCE: Sigma is the Object of a Counterclaim
06 Juillet 2010 - 9:16PM
Marketwired Canada
Correction to the press release sent on June 30th, 2010 at 6:10 PM EDT. Please
note that the ticker associated to Sigma Industries Inc. and listed in the
previous press release is incorrect and pertains to Sino Vanadium Inc. Sigma
Industries is listed under SIC on the TSX Venture. The corrected version follows
:
Quebec city, Quebec, June 29, 2010 - Sigma (OH) Industries Inc, a subsidiary of
Sigma Industries Inc. (TSX VENTURE:SIC), in its restructuring effort, initiated
a collection action against CNH America LLC ("Case New Holland") in the sum of
US$ 351,691.81 on February 9 2009 for failing to respect its obligations
undertaken in a termination agreement providing for the orderly termination of a
supply agreement entered into on August 9, 2008.
On February 25, 2009, Case New Holland counterclaimed against Sigma (OH)
Industries Inc., Sigma US Industries Inc., Sigma Ventures Inc. (today, Sigma
Industries Inc.), Transcam Composites Inc., and Rene Composites Materials Inc.
(collectively "Sigma Group") claiming damages of US$ 786,043.83. As a result of
the petition in bankruptcy court filed on December 1, 2009, the counterclaim by
Case New Holland against Sigma (OH) Industries Inc. is currently stayed.
On February 9, 2010, Case New Holland amended its counterclaim and is now
claiming damages of US$ 4,179,010.33 against the Sigma Group. Sigma considers
the claims by Case New Holland as being frivolous and exaggerated.
Since the amended counterclaim was filed, Sigma Industries and Sigma OH
Industries Inc. have attempted through various means to stay or end this
frivolous litigation, but to no avail. In light of the failures to stay or
terminate this litigation, Sigma Industries has determined that this litigation
has become a disclosable event.
The Sigma Group intends to vigorously defend itself against the claims contained
in the counterclaim and the amended counterclaim and will issue further press
releases as this litigation advances.
ABOUT SIGMA INDUSTRIES
Sigma Ventures Inc. (TSX-V: SIC), a leading composite and metal products
manufacturer, has five operating subsidiaries and employs 350 people. The
Company is active in the growing heavy-duty truck, coach, transit and bus, train
and subway, machinery, agriculture, light forestry, and wind energy market
segments. Sigma sells its products to original equipment manufacturers and
distributors in the United States, Canada and Europe.
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