VANCOUVER, British Columbia, November 26, 2019 — Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) has commenced legal proceedings in the Supreme Court of British Columbia against Luigi Franciosi, David Alexander, Linda Sampson and Yari Nieken. Mr. Franciosi is the former President, CEO and director of Veritas, Mr. Alexander is a former CFO and director of Veritas, Ms. Sampson is a former director of Veritas and Mr. Nieken is a former director of Veritas. The legal proceedings relate to a loan in the amount of $1,000,000 made by Veritas to Liht Cannabis Corp. (“Liht”). At the time of the loan, Messrs. Alexander and Nieken and Ms. Sampson were all directors and/or officers of both Veritas and Liht. Veritas has demanded repayment of the loan but Liht has refused to repay it.
The claim alleges, among other things, that each of Franciosi, Alexander, Sampson and Nieken breached their fiduciary duty to act honestly and in good faith with a view to the best interests of Veritas and were negligent in authorizing and/or approving the loan. Veritas is seeking, among other things, general damages for both breach of fiduciary duty and negligence, an accounting of profits and special damages. Each of the defendants has filed a response and Veritas is considering its next steps in relation to the litigation.
About Veritas Pharma
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% owned subsidiary Cannevert Therapeutics Ltd. (“CTL“), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value and speed-to-market.
Veritas’ is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The Company’s commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion-dollar markets.
Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: www.veritaspharmainc.com
On behalf of the Board of Directors
Interim Chief Executive Officer & CFO
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com, and on the CSE website at www.thecse.com.
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