RE: Trading again
News out yesterday:
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aTZT-2003489&symbol=TZT®ion=C
Tranzeo sued over $217,261 in unpaid rent
2012-10-11 17:56 ET - Street Wire
by Mike Caswell
Tranzeo Wireless Technologies Inc. is facing a lawsuit in the Supreme Court of British Columbia over $217,261 in unpaid rent on its premises in Pitt Meadows. The suit, filed by privately held BES Investments Ltd., claims that the company has not paid any rent since May, 2012, and continues to occupy the space. BES seeks court-ordered payment of the arrears, plus a court order directing payment of future rent amounts as they become due.
The allegations are contained in a notice of claim that BES filed at the Vancouver courthouse on Wednesday, Oct. 10. According to the suit, Tranzeo leased the 3,653-square-foot space in October, 2005, and renewed the lease in October, 2010. Its lease agreement specified monthly payments of $42,251 for May and June, 2012, and $37,760 monthly for July to December, 2012.
BES complains that it last received rent from Tranzeo on May 9, 2012, when the company paid for the first half of that month. A subsequent cheque for the second half of the month was returned "NSF." Since then, BES has not received any payment despite a demand letter sent by its lawyer, the suit states.
The suit also explains how BES is entitled to the rent despite the fact that it is not Tranzeo's landlord. This is because the landlord defaulted on the mortgage, which BES held. BES has since taken legal steps to obtain title to the property. It also holds an assignment of rents on the property, which it informed Tranzeo of on April 16, 2012.
The suit seeks a judgment for rent of $217,261 owing as of Oct. 9, 2012, plus all subsequent rent amounts when they become due. BES is also asking for interest and court costs. Vancouver law firm Burns Fitzpatrick Rogers Schwartz & Turner LLP filed the suit on BES's behalf.
Tranzeo has not yet filed a response. The suit comes just over a week after the company announced that it had lost a separate lawsuit over $831,686 (U.S.) in unpaid inventory transactions. The company said it plans to appeal that loss.
The stock closed at 2.5 cents Thursday, down half a cent.