Envirometal sued by former CEO Nelson2023-06-23 20:27 ET - Street Wire This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
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by Mike Caswell
Envirometal Technologies Inc.'s founder and former chief executive officer, Duane Nelson, has filed a lawsuit in the Supreme Court of British Columbia against the company. He claims that Envirometal backed out of a $300,000-per-year consulting agreement that was supposed to accompany his resignation. He is seeking the court-ordered payment of the fees that were due under that agreement.
The allegations are contained in a brief notice of claim filed on Thursday, June 22, at the Vancouver courthouse. The claim was filed by Sibling Rivalry Investments Inc., a private entity that Mr. Nelson controls. The sole defendant is Envirometal, which touts itself as a developer of technology for metal recovery.
The case arises from Mr. Nelson's resignation as CEO, which occurred on July 11, 2022. The suit says little about the event, but it appears to have been amicable enough. The company issued a news release with all the usual niceties, thanking Mr. Nelson for "his years of dedication to the company."