Sigma Industries Inc.

July 06, 2010 15:16 ET

CORRECTION FROM SOURCE: Sigma is the Object of a Counterclaim

QUÉBEC CITY, QUÉBEC--(Marketwire - July 6, 2010) -

Correction to the press release sent on June 30th, 2010 at 6:10 PM EDT. Please note that the ticker associated to Sigma Industries Inc. and listed in the previous press release is incorrect and pertains to Sino Vanadium Inc. Sigma Industries is listed under SIC on the TSX Venture. The corrected version follows :

Québec city, Québec, June 29, 2010 - Sigma (OH) Industries Inc, a subsidiary of Sigma Industries Inc. (TSX VENTURE:SIC), in its restructuring effort, initiated a collection action against CNH America LLC ("Case New Holland") in the sum of US$ 351,691.81 on February 9 2009 for failing to respect its obligations undertaken in a termination agreement providing for the orderly termination of a supply agreement entered into on August 9, 2008.

On February 25, 2009, Case New Holland counterclaimed against Sigma (OH) Industries Inc., Sigma US Industries Inc., Sigma Ventures Inc. (today, Sigma Industries Inc.), Transcam Composites Inc., and René Composites Materials Inc. (collectively "Sigma Group") claiming damages of US$ 786,043.83. As a result of the petition in bankruptcy court filed on December 1, 2009, the counterclaim by Case New Holland against Sigma (OH) Industries Inc. is currently stayed.

On February 9, 2010, Case New Holland amended its counterclaim and is now claiming damages of US$ 4,179,010.33 against the Sigma Group. Sigma considers the claims by Case New Holland as being frivolous and exaggerated.

Since the amended counterclaim was filed, Sigma Industries and Sigma OH Industries Inc. have attempted through various means to stay or end this frivolous litigation, but to no avail. In light of the failures to stay or terminate this litigation, Sigma Industries has determined that this litigation has become a disclosable event.

The Sigma Group intends to vigorously defend itself against the claims contained in the counterclaim and the amended counterclaim and will issue further press releases as this litigation advances.


Sigma Ventures Inc. (TSX-V: SIC), a leading composite and metal products manufacturer, has five operating subsidiaries and employs 350 people. The Company is active in the growing heavy-duty truck, coach, transit and bus, train and subway, machinery, agriculture, light forestry, and wind energy market segments. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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