The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from

Viridis Energy Responds to Allegations

Wednesday, August 17, 2011

Viridis Energy Responds to Allegations 16:00 EDT Wednesday, August 17, 2011(via Vancouver, BC - August 17, 2011 - Viridis Energy Inc. ("Viridis") or the "Company") (TSXV: VRD) (OTC: VRDSF.PK) is issuing a release today in response to two legal actions recently commenced, without notice, by its former Chairman, Robert Gardner. Mr. Gardner is seeking damages totaling $183,089. The Company first learned of the lawsuits, filed in the Supreme Court of British Columbia on August 11, 2011, from the media. Viridis has instructed its legal counsel to vigorously defend both actions, which the Company believes are entirely without merit. Mr. Gardner joined the Viridis Board on June 18, 2009. He stepped down as the Company's Chairman in February 2011, but remained a Board member until April 12, 2011. Viridis sought legal advice in mid-May of 2011 on learning of various steps taken by Mr. Gardner that may not have been in the best interests of the Company or consistent with his duties as a senior executive and director. The Company's investigation into Mr. Gardner's conduct is ongoing. Viridis was also surprised to learn that Mr. Gardner is represented in these actions by John Shields. Mr. Shields has served as legal counsel on behalf of the Company and independently, on several occasions, for John Campbell, Viridis' current Chairman. In light of the possible conflict of interest, Viridis will be requesting that Mr. Shields recuse himself from these proceedings. Investor Contact: Yvonne L. Zappulla Managing Director Grannus Financial Advisors, Inc. 212-681-4108 Company Contact: Michele Rebiere Chief Financial Officer Viridis Energy Inc 905-847-5226 About Viridis Energy Inc. Viridis Energy Inc. (TSXV: VRD) is a publicly traded, "Cleantech" alternative energy company specializing in the agricultural and wood waste biomass. Located in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing and Okanagan Pellet Company, two acquisitions in the wood pellet sector, thus providing the company with vertical integration for distribution and manufacturing. For more information on Viridis Energy Inc. please refer to the company website at Forward-looking Statements Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future operations. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a continued downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties associated with the demand for biofuels, (3) the risk that the Company does not execute its business plan, (4) inability to finance operations and growth (5) inability to retain key management and employees, (6) ; an increase in the number of competitors with larger resources, and (7) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company intends to update such forward looking information in the Company's MD&A in the event that actual results differ materially from such forward-looking statements contained herein. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators. 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. ### Copyright (c) 2011 - All rights reserved.