Earth Alive Defendant in Litigation
MONTREAL, QUEBEC–(Marketwired – Sept. 6, 2017) - Earth Alive Clean Technologies Inc. (CSE:EAC)(CSE:EAC.CN)(CNSX:EAC) (“Earth Alive” or the “Corporation”), announces that it has been served, along with three board members, with a motion instituting proceedings by the former Chief Executive Officer, Mr. David Gilmour, currently a member of the Board of directors. Mr. Gilmour is seeking to be reinstated in his former role and be paid retroactively his full salary with benefits or in the alternative, to be compensated for his loss of revenues and paid the sum of $5,000,000 for his shares in the Corporation.
Earth Alive will vigourously defend such claim and will seek to have the Board of directors unanimous decision confirming the nomination of Mr. Michael Warren as President & Chief Executive Officer, taken in good faith and with a view of the Corporation’s best interest, upheld.
On behalf of the Board, Chairman Robert Blain, stated : « We are quite disappointed by Mr. Gilmour’s recent actions seeking to further his own interests to the detriment of the Corporation and its stakeholders. All directors, elected by the Corporations’s shareholders at the recent meeting held in June of 2017, have been consistenly guided by their duty to act and serve the Corporation’s interests. Attempting to circumvent the board decisions with judicial proceedings not only undermines the powers of the duly elected Board and their oversight role, it seeks to shield Mr. Gilmour from any accountability associated to his performance.»
As announced in the press release issued August 30th 2017, management was in discussions with several parties to ensure that Earth Alive’s short term financial needs were met however, under the circumstances, such discussions have been jeopardized due to the pending litigation.
The Corporation is currently reviewing it’s legal options and appropriate action will be taken which may include seeking appropriate damages for actions taken in bad faith. The Corporation will keep all stakeholders updated as soon as any developments take place.
For additional company information, please visit: www.earthalivect.com
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Earth Alive believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Mr. Michael Warren