BENEV Capital Inc.
NEX BOARD : BEV.H

BENEV Capital Inc.

April 11, 2014 13:52 ET

BENEV Capital Inc. Announces Success in Litigation With John Bennett

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 11, 2014) - BENEV Capital Inc. (NEX BOARD:BEV.H) (the "Company" or "BCI") announced success in its ongoing litigation with its former CEO John Bennett.

In September 2008, BCI sued its former Chair, CEO and President, John Bennett, for damages for breach of fiduciary duty, conspiracy and fraud. In 2009, the action was stayed on consent. Also in 2009, John Bennett and an alleged co-conspirator were charged by a U.S. Grand Jury for conspiracy to provide kickbacks with the intent to defraud the United States. The alleged co-conspirator has been tried, convicted and is serving a term of up to 120 months.

Since 2009, the United States Government has been seeking, and continues to seek, to extradite John Bennett.

In June, 2013, BCI announced that John Bennett was seeking to terminate the stay of the Company's claim made in 2008 in order to bring a counterclaim against the Company in the Ontario courts. Mr. Bennett asserted claims for conspiracy, defamation and other wrongs, and was seeking damages of $30 million plus interest and costs (including $5 million in punitive damages). BCI indicated at the time that it planned to vigorously contest Mr. Bennett's latest claims, which it believed to be entirely without foundation, abusive and improper.

BCI is pleased to announce that its motion to strike the counterclaim as failing to disclose a cause of action against BEI was successful. The Ontario Superior Court has ordered John Bennett's counterclaim struck without leave to amend. Costs in the amount of $16,000 were also awarded against Mr. Bennett and in favour of BEI, payable forthwith.

Forward Looking Statements

Certain statements contained in this press release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of BENEV Capital Inc. to differ materially from those anticipated or implied in such forward-looking statements. BENEV Capital Inc. believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements included in this press release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this press release. BENEV Capital Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

All of the forward-looking statements made in this Press Release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, BENEV Capital Inc.

Contact Information

  • BENEV Capital Inc.
    Lawrence Haber
    Executive Chair
    (416)-587-8816