Quantum Cobalt Proceeds in Legal Action Against David Schmidt for Gross Neglicence and Significant Shareholder Value Loss
Vancouver, British Columbia--(Newsfile Corp. - November 8, 2019) - Quantum Cobalt Corp. (CSE: QBOT) (OTC Pink: BRVVF) (FSE: 23BA) ("Quantum" or the "Company") has commenced legal action against David Schmidt claiming gross negligence that resulted in significant shareholder value loss.
The claim alleges that while serving in the role of chief executive officer of Quantum, Mr. Schmidt failed to act honestly and in good faith with a view to the best interests of the company and failed to exercise the care, diligence and skill of a reasonably prudent individual. Mr. Schmidt failed to make key property payments which caused significant loss and damage, in particular:
Payment to Idaho's Bureau of Land Management by September 1, 2018
The failure to make this payment resulted in the irrevocable forfeiture of Quantum's Musgrove mining claims. Further, Mr. Schmidt failed to direct the Company to take any steps to re-stake the claims, which resulted in a third-party acquiring the claims.
Option payment by December 31, 2018
The failure to respond to notices of payment for Grew Creek and the further failure to direct the Company to cure the default, resulted in Quantum losing its option on the Grew Creek property.
Quantum calculates the combined value of loss that Mr. Schmidt has cost the company due to his gross negligence at approximately $3,400,000.00. Mr. Schmidt has ignored or again failed to respond to any attempt to settle the matter, so Quantum has proceeded with legal action."As the new CEO of Quantum Cobalt, my goal is to return value to shareholders and right some of the negligence of past management. I hope to move forward from this and continue to bring shareholders value," states David Greenway.
QUANTUM COBALT CORP.
David Greenway, CEO and Director
400 - 837 West Hastings Street
Vancouver, British Columbia
Tel.: 604.283.1722 / Fax: 1.888.241.5996
Forward-Looking Information This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Quantum Cobalt Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49575