Like all court claims, nothing has been proven.
The construction firm had earlier been the fastest in Canadian history to reach unicorn status, the vaunted billion-dollar valuation we saw with a dozen or so local companies in the last couple of years in a hot investment climate.
But a lawsuit filed this fall by a key, early investor points to a critical, soured business arrangement. A subsidiary of the Symphony Group, Symphony Advanced Building Technologies Inc. , outlines in its civil claim with the BC Supreme Court a broad range of problems it says it endured over the course of three years to fulfil an early-stage licensing agreement.
Significantly, the lawsuit asserts that Nexii courted other investors by pointing to the SABT arrangement and built its business on this basis, all the while without memorializing the letter agreement into a formal licensing contract. Thereafter in 2020, 2021 and this year ensued a long string of letters, refined drafts and changes in terms. Slowly and steadily, the initial deal SABT thought it had was disappearing.
There were weekly meetings to discuss business development. SABT was represented as a licensee to investors, landlords and lessors. It was provided confidential information on intellectual property and patents that it could use in discussions with its own investors. It was authorized to negotiate with prospective lessors for the Ontario plant.
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