Sunniva Inc.’s Subsidiary CP Logistics LLC Announces Interim Ruling from JAMS Arbitration
VANCOUVER, British Columbia, Sept. 13, 2022 (GLOBE NEWSWIRE) — Sunniva Inc. (“Sunniva”, the “Company”) (CSE:SNN) (OTC Pink Sheets:SNNVF) announces that on September 7, 2022, the Company’s subsidiary, CP Logistics LLC (“CPL”) received a interim ruling from JAMS Arbitration regarding the arbitration CPL commenced against the current owner and landlord of the California glasshouse, Bobs LLC (“Bobs”), in regards to CPL’s rights as tenant under an October 20, 2017 Conditional Build to Suit Lease (“Lease”) and a March 2018 Subordinated Non-Disturbance and Attornment Agreement (the “Arbitration”). The Tribunal issued an Interim Award denying the relief requested by CPL, finding CPL had breached the Lease, and thus was not entitled to specific performance. The Tribunal further granted, in part, Bobs’ counterclaim for money damages and found Bobs was entitled to an award in the approximate amount of US $8.6 million and Bobs’ attorneys fees. The precise amount of damages and fees awarded are subject to further proceedings that will be the subject of a Final Award. CPL is exploring its options. No decision has been made at this time on future steps.
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This press release contains forward-looking information or statements. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, the precise amount of damages and fees awarded by the Tribunal, CPL’s exploration of its options, and decisions on future steps, are “forward-looking information or statements”. Forward-looking information or statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Sunniva has made numerous assumptions including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking information or statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva’s continuous disclosure documents available on www.sedar.com. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking information or statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. Sunniva assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
Dr. Anthony Holler
Chairman and Chief Executive Officer
Phone: (866) 786-6482