NOTE 11 – COMMITMENTS AND CONTINGENCIES
There have been no material changes to our obligations as described in our annual report on Form 10-K issued in connection with the fiscal year ended May 31, 2011. We may from time to time become subject to various claims and litigation. The Company vigorously defends its legal position when these matters arise. The Company is neither a party to, nor the subject of, any material pending legal proceeding nor to the knowledge of the Company are there any such legal proceedings threatened against the Company.
The Company filed its brief in support of the petition by the September 16, 2011 due date. The SEC filed its brief in opposition by the October 17, 2011 due date and the Company filed its reply brief by the October 31, 2011 due date. Because the Petition for Review has been filed, the Initial Decision shall not become final until the Commission rules on the Petition.
The British Columbia Securities Commission (“BCSC”) has issued comment letters on the Application and the Company has responded to those comments. The latest comment letter is dated October 28, 2011 and the Company has filed a response to that letter.