Vanc Pharma receives demand notice from Canagen Vanc Pharma receives demand notice from Canagen
2017-06-12 14:34 ET - News Release
Mr. Mahmoud Aziz of Canagen Pharmaceuticals reports
On June 7, 2017, Canagen Pharmaceuticals Inc., through its legal counsel, issued Vanc Pharmaceuticals Inc. a demand notice seeking immediate payment of $510,000 as damages for violation and circumvention of a legal contract entered into between the companies on Sept. 4, 2013, relating to the purchase and sale of Canagen's FerroHeme heme iron supplement.
While Vanc Pharmaceuticals was in discussions with Canagen to purchase and manufacture FerroHeme, pursuant to the terms and obligations of the contract, the former chief executive officer, Arun Nayyar, and the directors of Vanc Pharmaceuticals allegedly decided to circumvent the contract and expose the company to a potential lawsuit.
Canagen intends to vigorously pursue all legal remedies available to it to secure payment of the $ 510,000 and seek additional punitive damages.