Dalsa named as defendant in lawsuit seeking $22-million

June 12, 2009

Source: Dalsa

Dalsa Corp says it's being sued by Cold Creek Enterprises and its controlling shareholder Bob DaSilva, who are seeking $22 million in damages from Dalsa and individual defendants.

The Waterloo, Ont.-based company said Friday the suit asks for a court order requiring Dalsa and the other defendants to pay for the value of shares held by the plaintiffs in Dalsa Digital Cinema Inc.

Dalsa Digital Cinema was set up in 2004 by the two sides of the dispute but was shut down early this year.

DaSilva had an employment contract with Dalsa Digital Cinema and, through his control of Cold Creek, a shareholder agreement with Dalsa.

Dalsa said Friday that the claim against it is "not only without merit but redundant" because the company has already asked the Ontario Superior Court to appoint a valuator to determine of the value of Cold Creek's minority shareholder's interest in Dalsa Digital Cinema.

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