At this point its simply unclear why Sunniva Inc (CSE: SNN) hasn’t declared bankruptcy. The company this morning announced that yet another lawsuit has been filed against the firm, this time in relation to its Sunniva Medical subsidiary, located in Okanagan Falls, BC.
The lawsuit pertains to an assignment and amended agreement enter into with PTI Transformers Inc. Specifically, the company indicates it has to do with amounts payable under the agreement, which was signed at the end of February 2018. Evidently, Sunniva unsurprisingly hasn’t paid off its tab.
The agreement is for the supply of two electrical substations for the Okanagan Falls facility, the firms Canadian operations that it has failed to sell numerous times now. PTI Transformers is seeking for a judgement against the company for an amount due of $2,252,321.47 plus interest, with the associated interest on the debt not being disclosed.
Notably, Sunniva indicated that it has 21 days to respond, however it did not indicate whether or not it intends to do so. The boilerplate statement of “the intention to vigorously defend” was notably missing from the announcement this morning.
Sunniva last traded at $0.155 on the CSE.
Information for this briefing was found via Sedar and Sunniva Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
