CALGARY, May 19, 2016 /CNW/ - NewNorth Projects Ltd.
("NewNorth" or the "Company") (TSXV: NNP) announces that Rivera
Suites Hotel Limited Partnership (the "Partnership") has filed a
statement of claim for $5,000,000
against the arm's length purchaser (the "Purchaser") in respect the
previously announced conditional purchase and sale agreement to
dispose of NewNorth's 50% interest in the Partnership (the "Fort
McMurray Transaction"). NewNorth is of the view that all
conditions to completion in respect of the Fort McMurray
Transaction have been satisfied and the Purchaser is obligated to
complete the Fort McMurray Transaction in accordance with its
terms. The Purchaser has indicated to the Company that it is not
willing to complete the Fort McMurray Transaction.
NewNorth intends to vigorously pursue all available rights and
remedies against the Purchaser in respect of the Fort McMurray
Transaction. NewNorth will provide an update in respect of the
status of the Fort McMurray Transaction when additional information
is available.
Forward-Looking Information: This news release
contains certain forward-looking information. All information,
other than information regarding historic fact that addresses
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future is
forward-looking information. Forward-looking information contained
in this news release includes, but is not limited to, the Company's
pursuit of all available rights and remedies against the Purchaser
in connection with the Fort McMurray Transaction. The
forward-looking information contained in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company.
The forward-looking information contained in this news
release is subject to a number of risks and uncertainties that may
cause actual results or events to differ materially from current
expectations, including that the Company will be successful in
enforcing any rights and remedies available to it against the
Purchaser in connection with the Fort McMurray Transaction. Any
forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable law, the
Company disclaims any obligation to update or modify such
forward-looking information, either because of new information,
future events or for any other reason. Although the Company
believes that the assumptions inherent in the forward-looking
information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance
should not be put on such information due to the inherent
uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The contents of this release have not been approved or
disapproved by any securities authority or stock exchanges.
SOURCE NewNorth Projects Ltd.