BELGRAVIA HARTFORD Files Motion for Summary Judgment Against Zonetail
Toronto, Ontario--(Newsfile Corp. - March 18, 2021) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia Hartford", "Belgravia" or the "Company") wishes to announce that on Friday, March 12, 2021, it served a motion for summary judgment to be heard in the Ontario Superior Court of Justice (Commercial List), seeking payment from Zonetail Inc. (TSXV: Zone) on its promissory note in the amount of $325,000 plus accumulating interest of 18% annually. Belgravia's legal position is that Zonetail has no right of set-off against amounts owed.
In July 2018, Belgravia issued a demand unsecured promissory note to Zonetail in the amount of $325,000 plus interest at a rate of 18% (the "Promissory Note"). Belgravia demanded payment on the Promissory Note on November 1, 2019. One year of interest at 18% has been paid by Zonetail, however, since November 2019 unpaid interest has been accumulating on top of the debt.
In Belgravia's view, Zonetail has continuously delayed payment of the friendly structured Promissory Note through frivolous litigation tactics. Belgravia's motion for summary judgment seeks immediate repayment on the Promissory Note plus accrued interest.
Mehdi Azodi, President & CEO of Belgravia Hartford, said, "The outstanding debt owed by Zonetail with its rapidly growing interest ($403,000 as of March 1, 2021) and the current equity position held by Belgravia (1,425,000 shares of Zone) represents less than 3% of the Net Asset Value of Belgravia Hartford's total portfolio. Accordingly, Belgravia remains extremely confident, committed, and determined to collect the outstanding debt owed by Zonetail."
About Belgravia Hartford
Belgravia Hartford Capital Inc. is a Canadian publically traded investment holding company which invests in public and private companies in legal jurisdictions and under the rule of law. Belgravia Hartford and its investment holdings are high risk business ventures and expose shareholders to financial risks.
For more information, please visit www.belgraviahartford.com
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For More Information, Please Contact:
Mehdi Azodi, President & CEO
Belgravia Hartford Capital Inc.
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