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Vogogo Announces the Filing of a Statement of Claim by Ex-CTO Stan Carney




CALGARY, ALBERTA and PALO ALTO, CALIFORNIA — (Marketwired) — 12/05/14 — (TSX VENTURE: VGO) (“VGO”) today announces that a statement of claim has been filed against VGO and its Chief Executive Officer, Geoff Gordon, in the Alberta Court of Queen–s Bench by Ghost Pine Creek Ltd. (“Ghost Pine”), of which Stan Carney, the previous Chief Technology Officer of Vogogo Inc., is the sole director and shareholder.

The claim alleges a breach of certain provisions of the Business Corporations Act (Alberta) by VGO in connection with a February, 2014 repurchase of certain class “A” common shares by VGO previously held by Ghost Pine. The claim seeks damages in an amount in excess of $15,000,000.

VGO believes the suit is without merit and litigation counsel has been authorized and instructed to vigorously defend against these claims.

About

Vogogo is a TSX Venture Exchange (“TSXV”) publicly traded payment services company with integrated risk management and compliance. Founded in 2008, Vogogo designed, built and launched its web-based payment processing technology while growing its expertise in software development, payments, risk management, compliance and related financial services. Vogogo is now executing on its plan to serve global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its positioning and technology.

For further company information please view the .

READER ADVISORY

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

None of the information contained on, or connected to, Vogogo–s website is incorporated by reference herein.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release contain forward-looking information including, without limitation, the defence of the claim described herein. The words “will”, “anticipate”, “believe”, “estimate”, “expect”, “intent”, “may”, “project”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

Contacts:
Karim Teja
Chief Financial Officer
403-478-7867

Geoff Gordon
Chief Executive Officer
403-648-9292

Rodney Thompson
Chief Relationship Officer
403-648-9292





Posted by on 5. December 2014. Filed under Picture Gallery, Software. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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