Replies to post #3066 on Wireless Age Communications, Inc. (fka WLSA)

[Chiroman07]

It was a lot more than 200K but historically( based on past break fees that have occured in deals), these fees are rarely collected and are very difficult to enforce even though they are in a contract. A good example was the Wescan deal years ago.

[asdfghj]

Regarding that break fee:

It was made clear that NLI would be responsible for a $400,000 break fee to CNIC, but there was no mention of CNIC paying any penalty if they dropped out of the deal. Does anyone have anything that says otherwise?

"Should Copernic decide not to purchase Sunbay Canada shares, then Newlook will be issued 500,000 shares of Copernic for $2,000,000US in cash as originally stipulated in the private placement with 220872 Ontario Inc. Should Newlook fail to close the private placement, a $400,000US break fee will be payable by Newlook to Copernic."
http://finance.yahoo.com/news/Copernic-Further-Updates-iw-2751235407.html?x=0&.v=1

NLI was lucky that CNIC agreed to let them back out of that $2,000,000 private placement without paying the penalty. NLI clearly doesn't have that kind of money to tie up right now. Given this fact, it is in REALLY bad taste for NLI to publish this childish PR full of bluster and false indignation.