Zonetail Responds to Belgravia Press Release of November 1, 2019
Toronto, Ontario--(Newsfile Corp. - November 6, 2019) - Zonetail Inc. (TSXV: ZONE) (the "Company" or "Zonetail") responds to Belgravia Capital International Inc. ("Belgravia") press release and demand notice.
On November 1, 2019, Belgravia issued a press release updating the markets on a promissory note Zonetail has with Belgravia in the amount of $325,000, that matured on November 1, 2019. Also, on November 1, 2019, Zonetail received a demand notice from Belgravia for full repayment of the promissory note, plus interest.
Zonetail notified Belgravia on November 1, 2019, through its counsel, that the Company intends to vigorously defend any claim Belgravia intends to make. Zonetail has asserted a right of off-set based on its position that Belgravia has breached the parties' management services agreements, for which Belgravia was paid by Zonetail, Belgravia's lack of investor relations guidance and for other wrongdoing, caused and continues to cause substantial consequential damages to the Company. Zonetail has retained the services of Borden Ladner Gervais LLP as counsel, to pursue compensation for its losses and damages.
Zonetail is a mobile platform for hotels and condominiums providing guests and residents access and interaction with building amenities and services as well as neighboring restaurants, stores, services, and attractions.
Zonetail is partnered with AAHOA, the largest association of hoteliers in the world, representing over 25,000 hotels and 50% of the US market. Zonetail is also partnered with Shiftsuite, one of the largest property management system software providers to the condo industry in Canada, with approximately 2,000 condo buildings, representing an estimated 400,000 units. Zonetail has offices in Toronto, Ontario and San Dimas, California.
For more information, please visit https://www.zonetail.com.
Zonetail trades under the symbol "ZONE" on the Toronto Venture Stock Exchange.
Zonetail Press Contact
Mark Holmes, President and CEO Zonetail Inc.
Telephone: (416) 583-3773 ext. 228 email@example.com
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the closing of the Private Placement or the use of proceeds of the Private Placement. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49445