Mr. Frank Basa reports
Gold Bullion Development Corp. has settled its pending litigation with Genivar Inc. A declaration of settlement out of court will be filed with the court record shortly.
In March, 2012, Genivar instituted a lawsuit against Gold Bullion in the Quebec Superior Court, claiming approximately $785,000 in unpaid fees. The action related to work which Genivar performed for Gold Bullion, primarily with respect to its Granada gold property in northwestern Quebec.
In July, 2012, Gold Bullion filed a counterclaim against Genivar claiming the amount of $25,431,906.10 in damages from Genivar alleging the failure by the latter to properly perform its contractual obligations in relation to the Granada and Castle mine projects. In the same proceeding, Gold Bullion also denied owing the amount of $783,652.06, which Genivar was claiming.
"The settlement is beneficial to the company and its shareholders. We are pleased to announce that this litigation is now resolved," said Frank Basa, president and chief executive officer of Gold Bullion.
We seek Safe Harbor.
