Exclamation Investments Reaches Settlement with Former Officer
Toronto, Ontario (FSCwire) - Exclamation Investments Corporation (“exclamation” or the “Company”) (TSX-V: XI) announces that the Company and Exclamation Creations Corporation (“Creations”), a subsidiary of the Company, have reached an agreement (the “Settlement”) with Cornerstone Strategy Consulting (“Cornerstone”), a sole proprietorship of Mr. Daniel Shields, the former Chief Financial Officer of the Company, to settle Cornerstone’s previously disclosed claim against both the Company and Creations (the “Claim”). The Claim alleged breach of contract and stated that the Company and Creations collectively owed Cornerstone an aggregate of approximately $280,000 for services rendered and consulting fees. Pursuant to the terms of the Settlement, the Company and Creations have agreed to pay Cornerstone the amount of $210,000 (plus applicable H.S.T.), as follows: (a) $53,259.40 (plus H.S.T.) in cash; (b) $126,740.60 by way of a loan assignment; and (c) $30,000 (plus H.S.T.) by way of the issuance of an unsecured and interest-free promissory note due and payable on June 30, 2017.
“This settlement is a key step in moving forward on the restructuring of the Exclamation business model” commented Marc Lavine, chief executive officer of the company. "I am now focused on the next steps that will make Exclamation more attractive to investors and increase shareholder value.”
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Exclamation Investments Corporation
Marc Lavine, Chief Executive Officer
t : 1 (888) 448-1666
e: info@exclamationinvestments.com
w: www.exclamationinvestments.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/exclamation09212015.pdfSource: Exclamation Investments Corporation (TSX Venture:XI) http://www.exclamation.com/
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