Counsel Corporation Successful, Amaranth Appeal Dismissed.TORONTO -- Counsel Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CXSN) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CXS CXS Coherent X-Ray Scattering ) announced today that the Ontario Superior Court of Justice The Superior Court of Justice for Ontario, Canada is the successor to the former Ontario Court of Justice (General Division), and was created on April 19 1999. Its predecessor, the Ontario Court (General Division) was the result of the 1990 merger and discontinuance of the previous , Divisional Court dismissed Amaranth amaranth (ăm`ərănth') [Gr.,=unfading], common name for the Amaranthaceae (also commonly known as the pigweed family), a family of herbs, trees, and vines of warm regions, especially in the Americas and Africa. L.L.C.'s appeal from the October 28, 2003 dismissal of its lawsuit against Counsel. The lawsuit sought to have the Court restrain Counsel from exercising the share payment option on the maturity of its 6% convertible unsecured subordinated debentures due on October 31, 2003. The lawsuit was originally dismissed in October of 2003 because the Court determined that Amaranth did not have standing to seek legal relief on its own behalf or on behalf of the entire class of Debentureholders. In dismissing Amaranth's appeal of the October 2003 decision, the three judges of the Divisional Court unanimously confirmed Amaranth's lack of standing. Allan Silber, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Counsel Corporation, said, "We are very pleased about the Divisional Court's decision confirming that Amaranth had no standing to bring this lawsuit. Counsel has always believed that Amaranth's allegations are completely without merit." About Counsel Corporation Counsel Corporation (TSX:CXS) (OTCBB:CXSN) is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a focused on acquiring and building businesses using its financial and operational expertise in two specific sectors: communications and real estate. Counsel's communications platform is focused on building upon its existing communications investment, Acceris Communications Inc. (OTCBB:ACRS ACRS See: Accelerated cost recovery system ACRS See Accelerated Cost Recovery System (ACRS). ), through organic growth and by acquiring substantial additional customer revenues. Counsel's real estate platform has a focused strategy of investing in and developing income producing commercial properties, primarily retail shopping centres. For further information, please visit Counsel's website at www.counselcorp.com. FORWARD-LOOKING STATEMENTS The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which they currently operate, but because of the factors herein listed, as well as other factors beyond their control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings. |
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