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January 5, 2011 - Vancouver,
Canada -- El Nino Ventures Inc. (the "Company") reports that it has now
received notice from the Supreme Court of British Columbia of the hearing held
on November 25, 2010 regarding its Notice of Dispute and Petition against George
Kavvadias and GCP Group. (See News Release dated October 1, 2010)
The Company's intent in bringing these matters before the Supreme Court was to
obtain a ruling that determined the process for settling the issues should be
through arbitration. The Company has been successful in achieving this as the
Supreme Court, in dismissing the Petitiion, has in fact ruled that the
arbitrator not the court has jurisdiction to decide the issue. In doing so, the
presiding judge stated that he was applying the general rule that an issue in
any case involving an arbitration clause must be resolved first by the
arbitrator. As well, the court has also ruled that it is not necessary for the
Company to pay money into court or deliver share certificates into the custody
of the court as the money and shares are as secure while being held in trust by
counsel as they would be in the custody of the court.
Subsequently, counsel for the Parties will now select an Arbitrator and then set
a date for hearing the arbitration. Barring any delays by GCP Group, the Company
expects to go to arbitration sometime during February, 2011. At which point, El
Nino is well prepared to successfully present its arguments in support of its
claims in arbitration.
On Behalf of the Board of Directors,
"Harry Barr"
Harry Barr, Chairman and CEO
TSX Venture Exchange or 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.
Note: this release contains
forward-looking statements that involve risks and uncertainties. These
statements may differ materially from actual future events or results and are
based on current expectations or beliefs. For this purpose, statements of
historical fact may be deemed to be forward-looking statements. In addition,
forward-looking statements include statements in which the Company uses words
such as "continue", "efforts", "expect", "believe", "anticipate", "confident",
"intend", "strategy", "plan", "will", "estimate", "project", "goal", "target",
"prospects", "optimistic" or similar expressions. These statements by their
nature involve risks and uncertainties, and actual results may differ materially
depending on a variety of important factors, including, among others, the
Company's ability and continuation of efforts to timely and completely make
available adequate current public information, additional or different
regulatory and legal requirements and restrictions that may be imposed, and
other factors as may be discussed in the documents filed by the Company on SEDAR
(www.sedar.com),
including the most recent reports that identify important risk factors that
could cause actual results to differ from those contained in the forward-looking
statements. The Company does not undertake any obligation to review or confirm
analysts' expectations or estimates or to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. Investors should
not place undue reliance on forward-looking statements.
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