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El Nino
Ventures Inc. (the
"Company") reports that it has now received notice from the Supreme
Court of British Columbia of the hearing held on November
25, 2010 regarding its Notice of Dispute and Petition against George Kavvadias and GCP Group. (See News Release dated October 1, 2010)
The Company's intent in bringing these
matters before the Supreme Court was to obtain a ruling that determined
the process for settling the issues should be through arbitration.
The Company has been successful in achieving this as the Supreme
Court, in dismissing the Petitiion, has in
fact ruled that the arbitrator not the court has jurisdiction to
decide the issue. In doing so, the presiding judge stated that he was applying
the general rule that an issue in any case involving an arbitration
clause must be resolved first by the arbitrator. As well, the court has also
ruled that it is not necessary for the Company to pay money into court or
deliver share certificates into the custody of the court as the money and
shares are as secure while being held in trust by counsel as they would be in
the custody of the court.
Subsequently, counsel for the Parties
will now select an Arbitrator and then set a date for hearing
the arbitration. Barring any delays by GCP Group, the Company expects to
go to arbitration sometime during February, 2011. At which
point, El Nino is well prepared to successfully present its
arguments in support of its claims in arbitration.
On Behalf of the Board of Directors,
"Harry Barr"
Harry Barr, Chairman and CEO
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.
Note: this release contains
forward-looking statements that involve risks and uncertainties. These
statements may differ materially from actual future events or results and are
based on current expectations or beliefs. For this purpose, statements
of historical fact may be deemed to be forward-looking statements. In
addition, forward-looking statements include statements in which the Company
uses words such as "continue", "efforts",
"expect", "believe", "anticipate",
"confident", "intend", "strategy",
"plan", "will", "estimate",
"project", "goal", "target",
"prospects", "optimistic" or similar expressions.
These statements by their nature involve risks and uncertainties, and actual
results may differ materially depending on a variety of important factors,
including, among others, the Company's ability and continuation of efforts to
timely and completely make available adequate current public information,
additional or different regulatory and legal requirements and restrictions
that may be imposed, and other factors as may be discussed in the documents
filed by the Company on SEDAR (www.sedar.com),
including the most recent reports that identify important risk factors that
could cause actual results to differ from those contained in the
forward-looking statements. The Company does not undertake any
obligation to review or confirm analysts' expectations or estimates or to
release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Investors should not place undue reliance on
forward-looking statements.
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