South China Industries (Canada) Inc. - Status Of Litigation.TORONTO--(BUSINESS WIRE)--July 21, 1998--South China Industri(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SGC SGC Server Gated Cryptography SGC StarGate Command SGC South Georgia College (Douglas, GA, USA) sGC Soluble Guanylate Cyclase SGC Superannuation Guarantee Charge (Australian finance) .) Alpha Tire Corporation South China Industries (Canada) Inc. ("South China") has been served with a Statement of Claim by Alpha Tire Corporation ("Alpha Tire") commenced in the Ontario Court (General Division). Alpha Tire carries on business as a factory management consultant and a distributor of tires and has its head office in the British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. . Alpha Tire claims liquidated damages Monetary compensation for a loss, detriment, or injury to a person or a person's rights or property, awarded by a court judgment or by a contract stipulation regarding breach of contract. from South China in the amount of US$314,302 and claims unliquidated damages UNLIQUIDATED DAMAGES. Such damages, as are unascertained. In general such damages cannot be set-off. No interest will be allowed on unliquidated damages. 1 Bouv. Inst. n. 1108. See Liquidated, Liquidated Damages. in excess of US$10 million in respect of the termination of a consulting agreement which related to the Guilin Tire Factory. South China maintains that the consulting agreement was validly terminated and no damages are owing. South China intends to vigorously defend the claim and to counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. against Alpha Tire and its principal, Jordan Fishman, for the damages which it has suffered as a result of their misconduct, including breach of the consulting agreement. Foreign Tire Sales Inc. South China continues to defend the previously disclosed claim of Foreign Tire Sales Inc. ("Foreign Tire Sales"), a company carrying on business carrying on business n. pursuing a particular occupation on a continuous and substantial basis. There need not be a physical or visible business "entity" as such. as a distributor of tires in the State of New Jersey, commenced in the Ontario Court (General Division) in early 1997. South China is one of several defendants, including Alpha Tire, named in this action and pleadings have not yet been completed. The claim against South China is based on conspiracy and inducing breach of contract in respect of an agreement between Foreign Tire Sales and the Guilin Tire Factory. The total amount of the claim against all of the defendants is US$3.250 million. South China considers the claim to be without merit and is vigorously defending the allegations. GUILIN JIQI GROUP CO. TRANSACTION On June 11, 1998, South China announced a conditional transaction involving Guilin Jiqi Group Co. ("Guilin Jiqi") and South China's controlling shareholder, Guilin South Rubber Group Corporation which, if completed, would result in an offer to all of South China's shareholders to purchase their shares at Cdn.$1.62 per share in cash. South China has requested Guilin Jiqi to provide it with a report on the status of the transaction and the status of the conditions, including financing and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , if possible by July 31, 1998.
CONTACT: South China Industries (Canada) Inc., Toronto
John D. Pennal, 416/956-4926
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