In This Article:
Toronto, Ontario--(Newsfile Corp. - December 23, 2024) - Tony G Co-Investment Holdings Ltd. (CSE: TONY) (the "Company" or "TGH") would like to announce that, further to its press release of February 1, 2024, the Company would like to provide an update on its litigation in the Ontario Superior Court of Justice (the "Court") with European High Growth Opportunities Manco SA ("EHGO"). On December 13, 2024, the Company received a decision on the summary judgment motion brough forth by EHGO. The Court determined that: (i) EHGO is not entitled to the repayment of $1,288,000 as this investment had been automatically converted into common shares of TGH on the maturity date of the debenture (see TGH's February 1, 2024 press release); (ii) EHGO is entitled to a late issuance fee of $1,000.00 per day from June 17, 2022 until February 1, 2024; (iii) EHGO is entitled to the positive difference, if any, between the closing price six trading days after June 17, 2022 and the closing price of February 1, 2024; and (iv) interest is payable on the outstanding amounts in accordance with the debenture at a rate of 48.2126%. The Company is currently reviewing all legal options available and will provide a further update in a future press release.
For more information, please contact:
Ron Akram
Chief Executive Officer
Tel: +44 786 6464 520
Email: contact@tony.holdings
This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Tony G Co-Investment Holdings Ltd. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.