WHITBY, ON--(Marketwired - January 26, 2017) - HydRx Farms Ltd. ("HydRx ") has received a Notice of Civil Claim from Zidane Capital Corp. and its associate, Precursor Capital Corp. (collectively, "Zidane"). Zidane seeks specific performance of a conditional Amalgamation Agreement (the "Conditional Agreement") dated January 12, 2016. Under the Conditional Agreement, HydRx would utilize Zidane (an NEX shell company) as HydRx's go-public vehicle and provide the Zidane stakeholders with a small shareholding interest in HydRx (the "Zidane Transaction").
The Zidane Transaction was subject to a number of conditions precedent which were not met. HydRx also felt the Conditional Agreement was otherwise not enforceable. Accordingly, on January 10, 2017, HydRx delivered Zidane reasonable notice of termination of the Zidane Transaction. Zidane then delivered the Notice of Civil Claim. HydRx has determined that it will vigorously defend attempts to enforce the Conditional Agreement.
Forward Looking and Cautionary Statements
This news release contains forward-looking statements. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, future plans and operations.
Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "should," "plan," and similar expressions suggesting future outcomes, and include statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. The forward-looking statements are based on various assumptions. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
For further information contact:
Mr. Trevor Folk
Chief Executive Officer
1130 Champlain Court
Whitby, ON L1N 6K9