litigation
confidence high
sentiment neutral
materiality 0.60
United Express reports settlement of shareholder lawsuit; major share transfer to Conway affiliate
OZ VISION INC.
- Settlement resolves lawsuit between Cristophe Holdings majority owner Colin Conway and minority owner Cristophe Schatteman; dismissed with prejudice.
- Conway affiliate transfers 100% equity in Cristophe Holdings back for cancellation; receives 2,804,687 UNEX shares (60.1% of CBH's 4,667,000 shares).
- Conway issues 7.5%, three-year $200,000 note; payment contingent on SBA loan payments or CBH proceeds from remaining 1,862,313 UNEX shares.
- Amendments to November 2023 orderly market and shareholders agreements executed to accommodate the share transfer.