In This Article:
Toronto, Ontario--(Newsfile Corp. - February 9, 2024) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia Hartford", "Belgravia" or the "Company") is providing an update on the litigation vs PolyNatura Corp. in United States District Court for the District of New Mexico Case No. 2:21-cv-00918. Belgravia is seeking to recover $12.2M USD plus additional damages arising from breaches of the Royalty Agreement it signed in 2017 with Cartesian Capital LLP.
Court Rulings:
January 11, 2024, Magistrate Judge Jerry H. Ritter entered a Memorandum Opinion and Order Denying PolyNatura's Request to Stay Discovery. This is an important step for Belgravia as it overruled PolyNatura's request to halt depositions. Belgravia argues that such depositions were necessary to understand why no revenues have been generated thus far by PolyaNatura and the circumstances surrounding the 2017 settlement between IC Potash Corp. and Cartesian Capital.
On September 28, 2023, PolyNatura filed a Notice of Non-Appearance indicating that certain defense witnesses noticed for depositions would not be appearing for their depositions. On October 6, 2023, PolyNatura filed a Motion for Summary Judgment, and argued in its reply brief that depositions were not necessary to rule on the Motion for Summary Judgment.
District Judge Margaret I. Strickland disagreed and on January 16, 2024, ordered that PolyNatura shall have 7 days to withdraw its previously filed Motion for Summary Judgment without prejudice. With Judge Strickland's and Judge Ritter's ruling now in place, depositions are scheduled to start on February 9, 2024.
Mehdi Azodi President & CEO of Belgravia said
"The recent developments and orders from the federal judges are positive steps to expediate the case to trial, Belgravia will be gathering further evidence along the way and regular updates will be made available on the progress of this case".
About Belgravia Hartford
Belgravia Hartford Capital Inc. ("Belgravia" or the "Company") is a publicly traded investment holding company listed on the Canadian Securities Exchange. Belgravia is focused on growing its assets and holdings and increasing its net asset value (NAV). Belgravia invests in a portfolio of private and public companies located in jurisdictions governed by the rule of law. It takes a multi-sector investment approach with emphasis in the resources and commodities sector. Belgravia and its investments are considered high risk holdings and it may expose shareholders to significant volatility and losses.