TORONTO, ONTARIO--(Marketwired - Nov 18, 2014) - Western Troy Capital Resources (TSX VENTURE:WRY) ("Western Troy" or the "Company") is pleased to provide an update on its activities over the past few months.
Western Troy reports the GENIVAR litigation continues in the discovery stage. After a number of delays by opposing counsel, a Case Manager was assigned to expedite the litigation. The Case Manager set firm dates for the process. Examination of GENIVAR's representative was required before October 17, 2014 (it actually occurred on October 15, 2014), and examination of Western Troy's representative was required to occur prior to October 24, 2014. Opposing counsel canceled the examination of Western Troy's representative the day before it was to occur. The Case Manager ordered that mediation between the parties occur prior to March 15, 2015.
Upon completion of the examination of GENIVAR's representative, Western Troy's counsel filed a Trial Record with the Ontario Court. This will result in the court issuing a Certificate of Readiness for Trial, followed by the setting of a trial date. Western Troy anticipates a trial date sometime in mid to late 2015. Western Troy, through diligence and court orders, is moving the litigation forward.
Western Troy's CEO, Rex E. Loesby, commented, "We are very confident that our claim against GENIVAR will ultimately result in a substantial settlement for Western Troy. Over the past few months, we have examined a number of potentially attractive business opportunities and some have reached advanced stages of negotiations. However, because the counter parties understandably cannot value Western Troy based on the expectation of a substantial settlement of the GENIVAR litigation, we have had to decline proceeding with such transactions. We have had to balance the prospect of a substantial GENIVAR settlement, against proceeding with a transaction that would significantly dilute our shareholders' interest in that litigation. These decisions may provide our shareholders with some indication of the level of our confidence in the eventual success of the GENIVAR litigation. We have the financial strength keep Western Troy strong for as long as it takes to be successful in our claims against GENIVAR. While there is no guarantee Western Troy will receive the full amount of our $3.3 million claim against GENIVAR, should Western Troy receive the full amount, it would result in approximately 10 cents per share of Western Troy's outstanding common stock."
About Western Troy: Western Troy's shares trade on the TSX Venture Exchange under the symbol WRY. Western Troy has 33,589,970 shares outstanding. More information on Western Troy can be found on its Website at www.westerntroy.com.
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements." Other than statements of historical fact, all statements included in this release, including, without limitation, future plans and objectives of the Company, implementation of the Consolidation, and possible outcomes in respect of the GENIVAR litigation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such 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 are the risks detailed herein and from time to time in the filings made by the Company with securities regulators.