Toronto, Ontario--(Newsfile Corp. - February 9, 2024) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia Hartford", "Belgravia" or the "Company") is providing an update on the litigation vs PolyNatura Corp. in United States District Court for the District of New Mexico Case No. 2:21-cv-00918. Belgravia is seeking to recover $12.2M USD plus additional damages arising from breaches of the Royalty Agreement it signed in 2017 with Cartesian Capital LLP.
Court Rulings:
January 11, 2024, Magistrate Judge Jerry H. Ritter entered a Memorandum Opinion and Order Denying PolyNatura's Request to Stay Discovery. This is an important step for Belgravia as it overruled PolyNatura's request to halt depositions. Belgravia argues that such depositions were necessary to understand why no revenues have been generated thus far by PolyaNatura and the circumstances surrounding the 2017 settlement between IC Potash Corp. and Cartesian Capital.
On September 28, 2023, PolyNatura filed a Notice of Non-Appearance indicating that certain defense witnesses noticed for depositions would not be appearing for their depositions. On October 6, 2023, PolyNatura filed a Motion for Summary Judgment, and argued in its reply brief that depositions were not necessary to rule on the Motion for Summary Judgment.
District Judge Margaret I. Strickland disagreed and on January 16, 2024, ordered that PolyNatura shall have 7 days to withdraw its previously filed Motion for Summary Judgment without prejudice. With Judge Strickland's and Judge Ritter's ruling now in place, depositions are scheduled to start on February 9, 2024.
Mehdi Azodi President & CEO of Belgravia said
"The recent developments and orders from the federal judges are positive steps to expediate the case to trial, Belgravia will be gathering further evidence along the way and regular updates will be made available on the progress of this case".
About Belgravia Hartford
Belgravia Hartford Capital Inc. ("Belgravia" or the "Company") is a publicly traded investment holding company listed on the Canadian Securities Exchange. Belgravia is focused on growing its assets and holdings and increasing its net asset value (NAV). Belgravia invests in a portfolio of private and public companies located in jurisdictions governed by the rule of law. It takes a multi-sector investment approach with emphasis in the resources and commodities sector. Belgravia and its investments are considered high risk holdings and it may expose shareholders to significant volatility and losses.
For more information, please visit www.belgraviahartford.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding planned investment activities & related returns, the timing for completion of research and development activities, the potential value of royalties, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, changes in market trends, the completion, results and timing of research undertaken by the Company, risks associated with resource assets, the impact of general economic conditions, commodity prices, industry conditions, dependence upon regulatory, environmental, and governmental approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
For More Information, Please Contact:
Mehdi Azodi, President & CEO
Belgravia Hartford Capital Inc.
(416) 779-3268
mazodi@blgv.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197403
