Tellza Settles Litigation With Vivaro
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/14/15 -- Tellza Communications Inc. ("Tellza") (TSX: TEL) announced that it has signed a Settlement Agreement with Vivaro Corporation ("Vivaro") to end litigation between the parties, with provision for mutual releases and each party being responsible for its own costs of litigation. The Settlement Agreement is being presented to the US Bankruptcy court for final approval.
The litigation was based upon claims made, in August 2013, by the liquidating trustee of the Vivaro Corporation, a post-confirmation Chapter 11 debtor, seeking, among other things, to avoid and recover from Tellza certain alleged preferential transfers in the amount of approximately $700,000.00. Tellza vigorously disputed the claims and, for the past year, the parties have been working towards a resolution culminating in the Settlement Agreement.
"Litigation is a commercial reality in our complex business environment. Trustees have a fiduciary responsibility to pursue potential assets. We are pleased that both parties worked together to carefully review and examine the facts and conclude this matter in an amicable fashion," said, Gary Clifford, Chairman.
The Company''s financial statements and other disclosures are available on SEDAR.
About Tellza
Tellza is a global communications company operating under several brands including Route Dynamix, Phonetime, Tel3, MatchcoM, and Tellza Technologies. Tellza is a public company listed on the Toronto Stock Exchange (TEL).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects," "anticipates," "plans," "intends," "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Tellza''s actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See which contains all securities files.
Contacts:
Tellza Communications Inc.
Michael Vazquez
CEO
954-608-5058
Tellza Communications Inc.
Gary Clifford
Executive Chairman
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Datum: 14.10.2015 - 14:05 Uhr
Sprache: Deutsch
News-ID 1392263
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