Wednesday, 19 October 2022 12:20 PM
Lawsuits
Lawsuit claims that NEXII failed to honor its licensor promises and other contractual and legal commitments to NEXII's anticipated first licensee who signed up to manufacture, market and distribute materials for the "NEXII whole building solution" from 2019.
VANCOUVER, BC / ACCESSWIRE / October 19, 2022 / - Business litigation specialists Allen / McMillan Litigation Counsel have filed a civil action lawsuit against NEXII Building Solutions Inc ("NEXII") based on its treatment of Symphony Advanced Building Technologies Inc. ("SABT") who signed up in 2019 to become NEXII's first licensee for a "NEXII whole building solution" manufacturing plant in Ontario, Canada (one of the largest construction markets in North America, worth over $33B each year). The Civil Action Lawsuit alleges that NEXII engaged in extensive negotiations with SABT, and once the SABT/NEXII agreement was signed, failed to provide SABT with a license agreement that incorporated the terms of the SABT/NEXII agreement. NEXII extracted a $250,000 "Reservation Fee" from SABT, refused to grant the license which it had stated had been agreed upon by the parties, and later took the position that the parties had no binding or enforceable agreement.
According to the complaint, beginning in January of 2020, NEXII materially advanced its position in the marketplace through its dealings with SABT, its first licensee to sign a term sheet, and publicly represented its agreement with SABT as being final and complete, including to investors and potential investors in NEXII. When NEXII began receiving interest from other potential licensees, it refused to honour its own terms with SABT, and took the position that it had no agreement with SABT (in direct contradiction of its own previous public representations) allegedly because the terms it had previously agreed upon with SABT were "too rich" in light of later agreements NEXII was able to reach with other licensees. SABT alleges that NEXII's conduct was malicious, high-handed and deserving of rebuke.
The suit also recounts how NEXII solicited $3 million of investment from parties related to SABT on the strength of its representations that SABT would be granted a license to produce and sell the "NEXII whole building solution" in a license agreement. Once that investment was provided, NEXII failed to follow through on its representations regarding SABT, and later took the position that it had no contractual obligations vis-à-vis SABT at all.
The legal claims referenced in the Civil Action Claim are for breach of contract, unjust enrichment, and Negligent Misrepresentation under applicable Canadian Federal and Provincial law. The suit seeks general, aggravated, and punitive damages, as well as disgorgement of any financial gains obtained by NEXII, as well as other relief.
The case, styled SYMPHONY ADVANCED BUILDING TECHNOLOGIES INC. v. NEXII BUILDING SOLUTIONS INC is pending in the Supreme Court of British Columbia and has been assigned file number 02774, a copy of filing can be found here:
https://justice.gov.bc.ca/cso/esearch/civil/searchPartyResult.do?serviceId=81974267
Symphony Advanced Building Technologies' mission is to be a leader in producing green, cost-effective, sustainable buildings for the new construction and retrofit markets. Utilizing the "NEXII whole building solution", its buildings require a fraction of the materials and significantly less build time when compared to current construction methods. SABT's products will also be suitable for the significant retrofit market - it can be used to improve the energy efficiency of existing buildings while increasing housing supply. SABT is primed to revolutionize the concept of sustainable construction. The company's materials can be used for buildings of all heights and sizes, and are suitable for commercial / institutional / industrial, mixed-use, multi-family residential and single-family detached buildings, as well as for retrofitting existing buildings of all types.
If you wish to discuss this civil action or have any questions concerning this press release, please contact [email protected]. You may also visit the company website at www.symphonygroup.ca.
SOURCE: Symphony Advanced Building Technologies Inc