NEW YORK–(BUSINESS WIRE)–GetSwift Technologies Limited (“GetSwift” or the “Corporation“; NEO: “GSW”), a leading provider of last mile SaaS logistics technology and services, wishes to provide an update with respect to the Australian civil proceedings involving GetSwift Limited, the Corporation’s wholly-owned operating subsidiary (“GSW”), described in the Corporation’s final prospectus dated January 4, 2021 (the “Prospectus”).
The parties to the class action proceeding have completed mediation but were unable to reach any settlement and are now preparing for trial. A hearing on the question of liability has not yet been scheduled and the Corporation does not anticipate that such hearing will occur before September 2021. GSW and the other defendants are vigorously defending the proceeding.
GSW was successful in its appeal lodged on September 23, 2020 with the Full Federal Court of Australia. All three judges agreed that the class action should be re-allocated to another Judge, who was not involved in the trial in the ASIC proceeding, and the class action proceeding has now been allocated to Justice Yates.
Judgment in the matter of Australian Securities and Investments Commission v GetSwift Limited & others Federal Court of Australia VID 146 of 2019 (the “ASIC proceeding”) remains reserved, and is expected to be issued in due course. Following allocation of the class action proceeding to His honour Justice Yates, judgment in the ASIC proceeding may be issued at any time prior to or after the conclusion of the class action proceeding.
About GetSwift Technologies Limited
Technology to Optimise Global Delivery Logistics
GetSwift is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.
GSW is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW”. The Corporation has filed and obtained a receipt for the Prospectus. A copy of the Prospectus can be obtained under GetSwift’s corporate profile on SEDAR at www.sedar.com.
For further background, please visit www.getswift.co.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Corporation, to the future outlook of the Corporation and anticipated events or results and may include statements regarding the future financial performance of the Corporation. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward looking Statements in this press release include statements related to the class action proceeding, the ASIC proceeding, and the anticipated timing of hearings related to, or the outcome of, such proceedings or any negotiations or discussions related thereto. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations include, without limitation, the availability and scheduling of the Federal Court of Australia and other parties involved in the Australian civil legal proceedings, the withdrawal of claims related to, or the settlement of, the class action or the ASIC proceeding, the delivery of judgments related to the class action or the ASIC proceeding that are adverse to the interests of the Corporation, and the other risk factors set forth in the Prospectus under the heading “Risk Factors”. The Corporation undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Corporation to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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