Air Canada is not HappyNews Release Issued: 05/28/2020 (4:41pm EDT) Aimia to Vigorously Defend Injunction Application Related to Transaction with Kognitiv
TORONTO, May 28, 2020 /CNW Telbec/ - Aimia Inc. (TSX: AIM) ("Aimia" or the "Company") announced that it and Kognitiv Corporation ("Kognitiv") intend to vigorously defend themselves against an application for injunctive relief filed today with the Quebec Superior Court (Civil Division) in the District of Montreal by Air Canada and Aeroplan.
The application relates to the proposed combination of Aimia's Loyalty Solutions business, which includes Intelligent Shopper Solutions (ISS) and the Air Miles Middle East program, with a subsidiary of Kognitiv, a Waterloo-based B2B technology company, which was announced on April 29, 2020. The application alleges that the transaction will result in breaches of certain non-competition and confidentiality provisions entered into by Aimia in connection with the sale of Aeroplan in November 2018.
Aimia denies the allegations and believes the application is entirely without merit and an abuse of process. Aimia and Kognitiv intend to close the transaction during the week of June 8, 2020.