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SOURCE United Protection Security Group Inc.
(TSX - V: UZZ)
EDMONTON, March 6, 2013 /CNW/ - F.V.Ramsoondar, President and Chief
Executive Officer of United Protection Security Group Inc. ("UPSG" or
the "Company"), (TSX-V: UZZ) announces the following update:
Pursuant to the notes in the Company's Audited Financial Statements for
the year ended December 31, 2011, the Company disclosed the following:
A claim was recorded against the Company which exceeds the amount of its
insurance coverage. The claim arose from the destruction by fire of a
large construction project in Edmonton, Alberta. In December 2007, a
claim was filed against the Company for alleged non-performance in
meeting the plaintiff's insurance requirements. In 2009, the claim was
amended to $14 million and, in the same year, a second action was
commenced by the same plaintiff for the same amount for alleged
negligent performance of service delivery.
The Company's insurer, in conjunction with the Company, believes that
the claims are without merit. The claims are being vigorously defended.
No provision for loss has been recorded and a loss, if any, will be
recorded when determined.
The Company is pleased to announce that the plaintiff has now
discontinued the second action, in which negligent performance of
service delivery was alleged, by way of a formal Discontinuance of
Action filed in the Court of Queen's Bench of Alberta.
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, are forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks related to business
development and retention, and risks related to the current economic
and credit conditions. As a result, actual results may vary materially
from those described in the forward-looking statements.
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.
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