VANCOUVER, British Columbia – (Newsfile Corp. – January 13, 2022) – PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the “Company” or “PreveCeutical”) is pleased to announce the Settlement is aware of the proposed class action lawsuit filed by Michael Tietz and Duane Loewen against the Company and many other parties in BC Supreme Court, Vancouver Registry Complaint No. S197731 (the “Complaint”).
PreveCeutical has instituted lawsuits of its own against some of the defendants in the lawsuit, seeking damages for fraud, conspiracy, breach of contract and other wrongs relating to the same transactions that are the subject of the claims asserted in the lawsuit (the “PreveCeutical Lawsuit”).
The Company is pleased to announce that it has agreed to settle the claims asserted in the lawsuit without any admission of liability to avoid further costs, inconvenience and burden arising from this litigation and any other present or future litigation arising out of the facts that gave rise to this litigation (the “Settlement Agreement”). The settlement agreement is subject to court approval, which is expected to be obtained in early 2022.
Pursuant to the Settlement Agreement, PreveCeutical has agreed to make a payment of $350,000 and assign the PreveCeutical Claim to representative plaintiff and the class of plaintiffs defined in the Claim in exchange for the full and final release of Stephen Van Deventer, Shabira Ragan and all present and former officers, directors, managers, employees, consultants and underwriters of PreveCeutical; a promise by representative plaintiff and the proposed class of plaintiffs not to institute any proceedings or to assist anyone in bringing any proceedings against PreveCeutical and its affiliates for any matter alleged in plaintiff’s complaint; and an order of the court settling all claims excludes for contributions and compensation.
PreveCeutical will not have to pay any costs of pursuing the PreveCeutical lawsuit, will be reimbursed for any costs it may be awarded and is entitled to 25% of the amount recovered from the plaintiffs, less unrecovered legal costs.
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Stephen Van Deventer, Chief Executive Officer of PreveCeutical, commented, “Although we would have preferred to dismiss the lawsuit on the merits, given the potential time and expense it would incur if the lawsuit were to proceed, PreveCeutical’s Board of Directors has determined that the settlement of the lawsuit was the Company’s best option. PreveCeutical expects to benefit from the outcome of the PreveCeutical lawsuit and is pleased that the defendants in the PreveCeutical lawsuit will be held accountable for the harm they caused the enterprise.”
PreveCeutical is a health science company developing innovative options for preventative and curative therapies using organic and nature-identical products. The company aims to be a leader in preventative health sciences.
With the completion of three of its research programs, the Company is actively engaged in the development, clinical testing and commercialization of its products; and has filed a number of provisional patent applications to protect the intellectual property of its research programs.
For more information about PreveCeutical, please visit our website at www.PreveCeutical.com or follow us on Twitter and Facebook.
On behalf of the Board of Directors of PreveCeutical
Stephen Van Deventer, Chairman and Chief Executive Officer
For more information please contact:
Stephen Van Deventer: +1 604 306 9669
Or Investor Relations email@example.com
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws, including the United States Private Securities Litigation Reform Act of 1995. All statements contained herein are press releases that are not purely historical , are forward-looking statements and include statements about beliefs, plans, expectations and orientations regarding the future, including but not limited to PreveCeutical’s continued research interests, PreveCeutical’s anticipated business plans and its prospects of success in executing the proposed plans. Frequently, but not always, forward-looking statements are preceded by words such as “will”, “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “plans”, “estimates”, ” predicts”, “intends”, “anticipates”, “believes”, “potential”, “proposes” or variations of such words, including negative variations thereof, and expressions referring to specific actions, events or results that could possibly would, could, or will occur, or be taken, or attained. Forward-looking statements are based on certain assumptions regarding PreveCeutical, including expected growth, results of operations, including PreveCeutical’s research and development activities, performance, industry trends and growth opportunities, PreveCeutical’s ability to receive, maintain and receive required accelerated approvals from World Health qualified research personnel and obtaining and/or maintaining the necessary intellectual property rights necessary to conduct future business activities.
Actual results could differ from those projected in the forward-looking statements due to a number of factors, including risks and uncertainties related to: complexities and delays associated with research and development activities and the actual results of research and development activities; PreveCeutical’s ability to, among other things, protect its respective intellectual property, obtain any necessary governmental, regulatory or exchange listed approvals, approvals, consents or authorizations, including acceptance of proposed future activities by the Canadian Securities Exchange and the expedited obtaining of any required approvals from PreveCeutical world health authorities; and PreveCeutical’s ability to commercialize products, enter into business partnerships, complete its research programs as planned and obtain the funding necessary to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry could also adversely affect PreveCeutical’s future results or performance. These forward-looking statements are made as of the date of this press release and, except as required by applicable law, PreveCeutical undertakes no obligation to update the forward-looking statements or to update the reasons why actual results may differ from those projected in these forward-looking statements. Although PreveCeutical believes that the statements, beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such statements, beliefs, plans, expectations or intentions will prove to be correct. Readers should consider all information contained herein and also refer to other periodic reports made available by PreveCeutical from time to time. These reports and PreveCeutical’s filings are available at www.sedar.com. Neither the Canadian Securities Exchange (CSE or CNSX Markets), its regulatory service provider (as that term is defined in the policies of the CSE) nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this press release.
Any link in this press release to external information or other resources is provided for reference only, and such information or resources may change from time to time and may contain forward-looking statements as described above and are subject to the disclaimers set forth above heading forward-looking statements.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
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