Toronto, Ontario--(Newsfile Corp. - October 15, 2024) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) Belgravia Hartford Capital Inc. ("Belgravia" or the "Company") is providing an update regarding litigation between Belgravia and PolyNatura Corp., a US corporation under the control of Cartesian Capital Group of New York, United States ("Polynatura"). Belgravia is seeking to recover $12.2 Million USD plus additional damages arising from breaches of a royalty agreement (the "Royalty Agreement") signed during 2017 between Belgravia and Polynatura.
A mandatory settlement conference was held on October 1, 2024 with Judge Jerry H. Ritter as the mediator, no settlement was reached.
On September 6, 2024, Belgravia filed a motion for Partial Summary Judgement against Polynatura. The motion was filed in the United States District Court for the District of New Mexico ("District Court of New Mexico"). In that motion Belgravia asked that the Court rule as a matter of law that Defendant PolyNatura Corp. breached the Royalty Agreement with Belgravia by delaying and interfering with the inspection of PolyNatura's books and records. A reply to the Motion was field by Polynatura on October 4, 2024 in the District Court of New Mexico.
Mehdi Azodi, President and Chief Executive Officer of Belgravia, said: "After three years of work, and the expenditure of significant legal fees, we believe that our case as plaintiff against Polynatura is proceeding rapidly towards trial. The bulk of the work in our progress towards gaining value from the contracted USD $12.2 Million Water Royalty with Polynatura is moving towards realization."
Mr. Azodi continued: "As described in the press release of today, the case against Polynatura is progressing. Subsequent to the depositions of Polynatura, Belgravia and Resource Capital Funds during February and March of this year, Polynatura filed a motion on August 12, 2024, for summary judgement, which is Polynatura's attempt to avoid a trial on the merits. On September 6, 2024, Belgravia filed a response to the Polynatura motion, and as well, on that date, Belgravia also filed a motion for Partial Summary Judgement against Polynatura. The response of Polynatura to that motion was filed on October 4, 2024."
Counsel for Belgravia is Mr. Spencer L. Edelman of the Modrall Sperling law firm of Albuquerque and Santa Fe, New Mexico.
As the press of February 9, 2024 stated, Judge Jerry H. Ritter had entered a Memorandum Opinion and Order denying Polynatura's request to stay discovery. The denial was an important step for Belgravia in that Polynatura's request to halt depositions was overruled.
The depositions occurred from February to March, 2024. The persons deposed from Polynatura were Mr. Peter Yu, Managing Partner, Cartesian, Mr. Paul Hong, Partner, Cartesian, Mr.Graham Wheelock and Dr. William Turner, both advisors to Polynatura. The Belgravia deponent was Mr. Mehdi Azodi, President and CEO of Belgravia. Polynatura also deposed Mr. Thomas Cope, previously an officer of the predecessor company of Polynatura. Mr. Mason Hills, Partner and General Counsel for Resource Capital Funds was also deposed.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226646
