OneRoof Energy Group, Inc.
TSX VENTURE : ON

OneRoof Energy Group, Inc.

April 13, 2017 08:54 ET

OneRoof Energy Announces Settlement of Arbitration Claim Resignation of Chief Executive Officer

SAN DIEGO, CALIFORNIA--(Marketwired - April 13, 2017) - OneRoof Energy, Inc. ("OneRoof"), a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (the "Company") (TSX VENTURE:ON) announced today that it has entered into a mutual settlement agreement with Trinity Heating & Air, Inc., d/b/a Trinity Solar ("Trinity"), settling all claims between the parties. As previously disclosed on November 11, 2016, Trinity filed an arbitration action against OneRoof alleging various claims for breach of contract and common law fraud and seeking over USD$12.5 million in damages. In response, OneRoof filed various counterclaims against Trinity. The terms of the settlement included (a) a payment of USD$1,070,000 to Trinity, USD$1 million of which was being held by a third party in respect of projects previously developed by Trinity and sold by OneRoof to the third party, and (b) OneRoof's transfer of certain solar projects and leads to Trinity.

The Company announced today that its President and CEO, David Field, has resigned from all positions with the Company and its subsidiaries, including the board of directors of the Company. Dalton W. Sprinkle, formerly SVP, General Counsel and Secretary of the Company, has been appointed Interim Chief Executive Officer, and will continue as General Counsel and Secretary of the Company as it continues its wind down process.

Caution Regarding Forward-Looking Information

Certain statements contained in this document are "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.

Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.

Contact Information

  • OneRoof Energy, Inc.
    John Bunnel
    Interim Chief Financial Officer
    (858) 926-7660