VANCOUVER BC, June 21, 2016 Eight Solutions Inc. (TSXV:ES) (Eight Solutions or the Company) is pleased to announce that in connection with the Companys action against Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co., Ltd. (FFD), the B.C. Supreme Court (the Court) has ruled in favour of the Company resulting in the extinguishment of all debt owed to FFD and the release of all respective security.
Details of the B.C. Supreme Court decision are as follows:
· The Court declared that the debt owed to FFD be reduced from $3,000,000 to $1,250,000 plus interest of $11,533 as of January 23, 2015. The Court capped the interest owed as of that date;
· The Court awarded Eight Solutions damages as of February 25, 2015 in the amount of $1,250,000 plus another $50,000 in punitive damages plus interest (about $14,334);
· The Court ordered the damages be set-off against the amount owing to FFD, with the result that the debt to FFD is extinguished, and Eight Solutions is owed about $52,801 plus costs; and · The Court discharged all security held by FFD in connection with its loan to the Company. We are very pleased with the outcome of this matter with FFD, says Rory Armes, Eight Solutions CEO. We believe that resolving the dispute with FFD allows us to better execute on our business plan and move forward with more confidence and certainty. |