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by Mike Caswell

Canada Jetlines Ltd., the would-be airline facing a court petition from David Brett's Inovent Capital Inc. over a failed merger, has filed a response in which it denies causing the deal to fail. It says that the amalgamation agreement it had with Inovent was subject to many conditions, including TSX Venture Exchange approval and a $50-million financing. Neither of those events had occurred before the expiry of the agreement, according to Canada Jetlines. As it sees it, there is no basis for the case.

WORDPRESS

David Brett

Canada Jetlines is responding to a petition that Inovent filed in the Supreme Court of British Columbia on March 12, 2015. The company complained about the failure of its qualifying transaction, in which it and Canada Jetlines were to combine and create a low-cost airline. Inovent blamed Canada Jetlines for the failure of the deal, saying it defaulted on the agreement by talking with other parties. Inovent also complained that Canada Jetlines failed to return a $120,000 refundable deposit.

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