MONTREAL, QUEBEC--(Marketwire -05/23/12)- IBEX Technologies Inc. (IBT.V) today reported on the progress of its action against JF Gareau and Garvinci Inc.
During the period from May 2006 to April 2007, IBEX (as part of a proposed transaction) made a series of loans to Garvinci Inc. totaling $1,000,000. These loans were personally guaranteed by JF Gareau, the principal shareholder of Garvinci Inc.
These loans became due with interest in May 2008.
In an attempt to find a workable arrangement to allow Garvinci/Gareau to repay the amounts due, IBEX entered into an arrangement (the "Escrow Agreement") with Garvinci/Gareau which was signed in January 2009.
In September 2009 it became apparent that Garvinci/Gareau had failed to comply with the terms of the Escrow Agreement and in October 2009, IBEX once again demanded payment.
With no payment forthcoming by October 2010, IBEX was obligated to file an action against Garvinci/Gareau in the Quebec Superior Court.
On May 15, 2012, the Quebec Superior Court allowed the IBEX claim to proceed with a trial date set for April 2014.
"This has been a long and arduous road" said Paul Baehr, IBEX President and CEO, "but we are pleased that now we have a direct path to a trial which we expect will resolve this matter".
The Company manufactures and markets a series of proprietary enzymes (heparinases and chondroitinases). These enzymes are used in pharmaceutical research, quality assurance, and in the case of Heparinase I, in diagnostic devices which measure hemostasis in patients.
IBEX also manufactures and markets a series of arthritis assays which are widely used in pharmaceutical research. These assays enable the measurement of both the synthesis and degradation of cartilage components, and are powerful tools in the study of osteo- and rheumatoid arthritis.
For more information, please visit the Company's web site at www.ibex.ca.
Safe Harbor Statement
All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.
Neither 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.
- Quebec Superior Court
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143