Press release from Marketwire
Viridis Energy Files Counterclaim And Responds to Civil Claims
Friday, September 16, 2011
Viridis Energy Files Counterclaim And Responds to Civil Claims16:45 EDT Friday, September 16, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2011) - Viridis Energy Inc. ("Viridis" or the "Company") (TSX VENTURE:VRD) (OTCQX:VRDSF), has filed a counterclaim against the Company's former chairman, Robert Gardner, citing a breach of duty in several circumstances, including unauthorized third party engagements, unauthorized personal compensation and dissemination of confidential material to unauthorized parties. The Company seeks damages for breach of fiduciary responsibility, defamation and other matters, as well as the return of monies paid to Mr. Gardner without authorization.The Company has also filed its responses to civil claims filed by Mr. Gardner and Parhys Investments Ltd. ("Parhys"), a firm affiliated with Mr. Gardner, both of which were filed on August 11, 2011. In the Company's response to Mr. Gardner's claims, the Company stated that his demands are unsubstantiated, undocumented and/or unauthorized. Regarding the claim filed by Parhys, the Company stated that it has never received monies from Parhys, although the Company did acknowledge that Mr. Gardner, acting on behalf Parhys, did arrange a loan between Viridis and Magna Management ("Magna"), a firm also affiliated with Mr. Gardner. The Company also stated that the loan from Magna had no specific repayment terms and Magna has yet to request repayment. The Company seeks that Mr. Gardner's and Parhys' claims be dismissed.Viridis intends to strongly defend against the claims of Mr. Gardner and Parhys and intends to aggressively pursue its counter claim against Mr. Gardner. About Viridis Energy Inc. Viridis Energy Inc. (TSX VENTURE: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 www.viridisenergy.ca.Forward-looking StatementsCertain 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.FOR FURTHER INFORMATION PLEASE CONTACT: Yvonne L. ZappullaGrannus Financial Advisors, Inc.Managing Director212-681-4108Yvonne@GrannusFinancial.comORMichele RebiereViridis Energy Inc.Chief Financial Officer905-847-5226Investorinfo@ViridisEnergy.caNeither 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.