CLEARLY CANADIAN BEVERAGE CORP. - LITIGATION WITH BLUE MOUNTAIN SPRINGS LTD.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--May 24, 1995--In November 1988 a Statement of Claim was filed in the Ontario Court of Justice The Ontario Court of Justice is a Provincial Court for the Canadian province of Ontario. This court oversees matters relating to family law and criminal law. This court is subordinate in relationship to the "superior" courts. against the Company by Blue Mountain. In its Statement of Claim Blue Mountain claimed damages in the amount of $Cdn75,000,000,interest, costs and other relief. Blue Mountain's claim was based upon its belief that the Company had promised to purchase water from it for 99 years. The Company's position, amongst other defenses, was that it simply attempted to negotiate a price to purchase water from Blue Mountain, as an optional water source for its beverage products, and that at no time did it enter into any contractual arrangements with Blue Mountain. The trial of this action was heard during the week of November 28, 1994 and even though Blue Mountain's initial claim for damages was approximately $Cdn75,000,000, at trial Blue Mountain submitted that its damages, calculated to June 1992, were $Cdn5,900,000 without interest or costs. Judgement was reserved at trial, however, the Court has now released its Reasons for Judgement to the parties. The Court awarded judgement in favour of Blue Mountain in the amount of $Cdn5,900,000 based on breach of contract. The Company disagrees with the decision rendered by the trial Court and is in the process of instructing counsel to file an appeal of the decision. The Company believes that the trial Court failed to take into account a number of significant issues which the Company views as worthy of appeal. -0- -- CLEARLY CANADIAN This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. BEVERAGE CORPORATION is the registered holder of the trademark "Clearly Canadian(R)". -- CLEARLY CANADIAN BEVERAGE CORPORATION, and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. produce, distribute and market CLEARLY CANADIAN(R), CLEARLY TEA(TM), a line of flavoured adj. 1. same as flavored; - of foods. and unflavoured water beverages. Through distribution and/or licensing agreements, CLEARLY CANADIAN(R) is sold throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Japan, the United Kingdom, the Republic of Ireland, the Caribbean and other countries worldwide. ON BEHALF OF THE BOARD OF DIRECTORS Douglas L. Mason, Director The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Douglas L. Mason, Director, 604/683-0312 800/663-0227: Toll Free in Canada 800/663-5658: Toll Free in U.S.A. 604/683-2256 (Fax) |
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