Serbia decision- Erin's claim remains in good stanYes, very good new indeed...
Erin Ventures Inc.: Serbian Property Legal Action Update
Thursday December 13, 2:14 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 13, 2007 -- Erin Ventures Inc. ("Erin") (CDNX:
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EKV.BE -
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Previously, in its news release dated January 24, 2006, Erin reported that it had commenced legal action against Elektroprevreda-Serbia ("EPS"), the Serbian government's wholly owned, national power corporation, whereby Erin is seeking monetary compensation for losses and certain damages, totaling approximately US$15 million. This legal action is the result of Erin's contention that it held a valid joint venture contract with EPS to develop a boron property in Serbia and, in spite of direct knowledge of Erin's contractual rights to the property, the Serbian government granted a concession to exploit these boron deposits to a third party. This action is being adjudicated by the Serbian International Arbitration Court.
Erin reports that the written submission portion of these proceedings has now been concluded by the Arbitration Court. In its written submission, Erin documented several alleged breaches of contract by EPS, as well as the failure of the Serbian authorities to recognize and/or safeguard Erin's interest in the Property. EPS's primary contention in response to Erin's claims was to state that the legal action by Erin should be disregarded by the Arbitration Court, arguing that the statute of limitations had expired on the claim. The Arbitration Court members ruled unanimously that, in fact, Erin's claim remains in good standing, and will be adjudicated by the Court. The next step in the process is the calling of witnesses for questioning by the Arbitration Court. This will not happen prior to 2008. Further information regarding this matter will be provided when available.
On behalf of the Board of Directors,
Blake Fallis, General Manager
SEC 12G3-2(B) #82-4432
Cautionary Note:
There can be no assurance given that any legal or other action pursued by Erin regarding this matter will be successful.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Erin Ventures Inc. (250) 384-1999 or 1-888-289-3746 Website: https://www.erinventures.com A Schwab and Associates Mike McGee Investor Relations 1-866-979-0199 Email: mikemcgee@shaw.ca
Source: Erin Ventures Inc.