WHITBY, ON--(Marketwired - January 26, 2017) - HydRx Farms Ltd. ("HydRx ") has received a Notice of Civil Claim from Zidane Capital Corp. and its associate, Precursor Capital Corp. (collectively, "Zidane"). Zidane seeks specific performance of a conditional Amalgamation Agreement (the "Conditional Agreement") dated January 12, 2016. Under the Conditional Agreement, HydRx would utilize Zidane (an NEX shell company) as HydRx's go-public vehicle and provide the Zidane stakeholders with a small shareholding interest in HydRx (the "Zidane Transaction").
The Zidane Transaction was subject to a number of conditions precedent which were not met. HydRx also felt the Conditional Agreement was otherwise not enforceable. Accordingly, on January 10, 2017, HydRx delivered Zidane reasonable notice of termination of the Zidane Transaction. Zidane then delivered the Notice of Civil Claim. HydRx has determined that it will vigorously defend attempts to enforce the Conditional Agreement.
Forward Looking and Cautionary Statements
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