Coventree Comments on Tai Statement of Claim

    




 NEX Symbol:  COF.H 

 TORONTO, Oct. 14, 2011 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree"  or the "Company") today announced that Dean Tai and certain  corporations affiliated with him have commenced proceedings against  Coventree and Coventree's transfer agent, Equity Financial Trust  Company, in the Superior Court of Justice of Ontario.  Mr. Tai is a  former CEO and director of Coventree and currently owns or controls,  directly or indirectly, approximately 25% of the outstanding common  shares of Coventree. 

 Mr. Tai's claim relates to the previously disclosed decision in April  2009 to cancel 736,522 common shares of Coventree that were issued to  him under Coventree's 2005 Share Allocation Plan (the "Tai SAP  Shares").  Following the termination of Mr. Tai's employment with  Coventree in February 2009, the independent directors of Coventree  conducted a review of Tai's entitlement to those shares.  As a result  of that review, the independent directors determined that the shares  were not validly issued and Coventree cancelled those shares. 

 In his statement of claim, Mr. Tai asserts that, in cancelling the Tai  SAP Shares, Coventree acted in a way that was oppressive and is  claiming damages equal to the value of 736,522 common shares of  Coventree, to be valued at their highest share price between the date  of April 15, 2009 and the date of trial, plus prejudgement interest and  costs. 

 Coventree intends to defend the claim and believes it has no merit as  Coventree believes its action in cancelling the Tai SAP Shares was  lawful. 

 This press release is intended for distribution in Canada only. 

 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. 


  



Coventree Inc.


CONTACT:   __________________________________________________________|Craig Armitage                   |Ani Hotoyan-Joly        ||The Equicom Group Inc.           |Coventree Inc.          ||Tel: [phone] x278         |Tel: [phone]     ||Email: [e-mail]|Email:  [e-mail]||_________________________________|________________________| 


    

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