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Message: Discontinues Legal Action Against Tinpo
| February 6, 2009 |
| Western Prospector Discontinues Legal Action Against Tinpo |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2009) - Western Prospector Group Ltd. (TSX VENTURE:WNP)("Western") today announced it has discontinued legal action against Tinpo Holdings Industrial Company Limited ("Tinpo") and others after it determined that a favorable judgment would not significantly benefit Western. On December 5, 2009, a judge of the Ontario Superior Court granted an order approving the discontinuance, on a without costs basis, of Western's claim against Tinpo, 0829984 British Columbia Ltd. ("B.C. Ltd."), Yunfei Chen ("Chen"), Howard Balloch ("Balloch") and The Balloch Group (a firm) ("Balloch Group"). Western's claim had sought specific performance, or alternatively damages, in connection with B.C. Ltd.'s take-over bid for Western, guaranteed by Tinpo, that was withdrawn in late September 2008. The order approving the discontinuance does not include a release of liability in respect of B.C. Ltd. or Tinpo, but does include a release of liability in respect of Chen, Balloch and Balloch Group. Western had prosecuted the claim assiduously, but concluded based on information gathered in the course of the litigation that it appeared any judgment it might obtain against B.C. Ltd. or Tinpo would not be effectively collectible or enforceable at this time, and that the claims against the other defendants should not be further pursued. |
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