Kaizen Discovery Announces Further Positive Ruling by The Supreme Court of British Columbia
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2021) - Lori Price, Chief Financial Officer of Kaizen Discovery Inc. (TSXV: KZD) otherwise "Kaizen" or "the Company") announces today that further to the judgment by the Supreme Court of British Columbia received on March 22, 2021, and announced by the Company on March 23, 2021, which concluded that the legal action initiated against the Company by AM Gold was without merit, the trial judge has made a supplementary judgment dated September 9, 2021, awarding "special costs" payable jointly by AM Gold and its principal, John Fiorino. The award of special costs is an extraordinary measure, imposed as a rebuke of AM Gold's conduct in advancing a meritless claim with fabricated evidence. The award entitles Kaizen to pursue a full indemnity for the costs it has incurred through a formal assessment process. Kaizen has incurred costs in excess of $2.7 million but the ultimate costs award may be varied in the assessment process.
"This legal action initiated by AM Gold has been a significant distraction to the Company and we are very pleased by this recent judgment," commented Ms. Price.
AM Gold has commenced an appeal of the main trial judgment and has articulated the grounds in support of its appeal, Kaizen has filed a responding appeal argument and the appeal has now been set for hearing on December 7, 2021. The costs recovery could also be impacted by an adverse outcome on the appeal.
Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru and Canada. More information on Kaizen is available at www.kaizendiscovery.com.
ON BEHALF OF THE COMPANY
Lori Price, Chief Financial Officer
Ran Li +1-604-689-8765
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to recovering costs from AM Gold. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
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