Stoneset Equity Development Corp.

Stoneset Equity Development Corp.

June 03, 2011 16:00 ET

Stoneset Equity Development Corp.: $25,000,000 Lawsuit Against Vendor of Invermere Property

CALGARY, ALBERTA--(Marketwire - June 3, 2011) - Stoneset (CNSX:SQC) has retained legal counsel to initiate a $25,000,000 lawsuit against the vendor, Octagon Properties Ltd., the joint venture partner Navigator Development Corp., project manager Navigator Invermere Development Corp. and related parties for the Invermere lands. Stoneset will be launching the lawsuit on behalf of Stoneset Equities Ltd. and Stoneset Vista Del Lago Limited Partnership.

The legal action is in response to misrepresentations made by the vendor, principally that the Invermere Lands total 12.34 acres as it has now been determined the Invermere Lands total 9.73 acres, and for breach of contracts by the joint venture partner and project manager. This has resulted in financial issues that have impacted Stoneset and its subsidiary's in meeting their financial obligations and in advancing this project.

Stoneset Equity Development Corp is a Calgary-based real estate investment company and property developer.

The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.

Contact Information

  • Stoneset Equity Development Corp.
    Tony Argento
    (403) 237-8822