Sunniva Inc. (“Sunniva” or the “Company”) (CSE: SNN) (OTCQB: SNNVF), announces that the previously reported application for a Temporary Restraining Order (“TRO”), filed by its wholly owned subsidiary, CP Logistics, LLC (“CPL”), against the Sunniva Production Campus, LLC (“SPCL”) with respect to the Notice of Termination of Lease issued by SPCL, was denied in California Superior Court for the County of Riverside (the “Court”) on December 24, 2019. The Company is continuing to assert its rights under the Lease and has submitted a Demand for Arbitration and Notice of Claims with JAMS, the world’s largest private alternative dispute resolution provider, to initiate the arbitration process pursuant to the dispute resolution provisions of the Lease agreement for the property located at 69375 Ramon Road, Cathedral City, California.
CPL, a wholly owned subsidiary of Sunniva, entered a build to suit lease agreement (the “Lease”) on October 20, 2017, with SPCL for the construction of the Sunniva California Campus in Cathedral City, California. SPCL is an entity related to Barker Pacific Group, Inc.
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Cautionary Note Regarding Forward-Looking Information or Statements
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, statements regarding Sunniva’s operations and growth opportunities and CP Logistics LLC’s submission of a Demand for Arbitration and Notice of Claims and the uncertainty regarding the future outcome of the Arbitration process, 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.