Court Enters Decisions in Favor of Cypress in Lawsuit
Suite 1610 - 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.cypressdevelopmentcorp.com
TSX Venture Exchange Symbol: CYP
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
December 23, 2019
Court Enters Decisions in Favor of Cypress in Lawsuit
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to provide an update on
its legal proceedings against Centrestone Resources LLC ("Centrestone"), a Nevada
limited liability company. As announced by Cypress in a January 31 , 2019 press
release, on January 22, 2019, the Company's U.S. subsidiary, Cypress Holdings
(Nevada) Ltd., filed a Complaint in the Fifth Judicial Court of the State of Nevada in
and for the County of Esmeralda (the "Court") alleging trespassing by Centrestone on
certain of the Company’s unpatented mining claims. On January 23, 2019,
Centrestone filed a similar Complaint alleging trespassing by Cypress. The two actions
were consolidated in a single lawsuit.
On December 16, 2019, the Court heard arguments on motions regarding the validity
of each party’s mining claims involved in the lawsuit. At the conclusion of the hearing,
the Court entered its order granting the Cypress Motion for Partial Summary
Judgement declaring the validity of certain of Cypress’s claims. The Court entered its
order denying a competing Motion for Partial Summary by Centrestone to limit the
Company’s right to assert certain legal theories to invalidate the Centrestone mining
claims. The Court also granted the Company’s procedural motions and im posed
sanctions against Centrestone and entered a written order awarding attorney’s fees
and costs to Cypress based on Centrestone’s failure to comply with court rules. The
decisions follow a hearing on October 11, 2019 during which Centrestone conceded
and the Court granted Cypress’s Motion for Partial Summary Judgment upholding the
validity of the other of Cypress’s claims involved in the lawsuit.
By the Court’s decisions, th e Company has successfully asserted and defended its
title to its unpatented mining claims and property rights . The Company intends to
proceed with its claims for trespass damages and attorney’s fees and continue to act
in the best interest of its shareholders.
About Cypress Development Corp.:
2
Cypress Development Corp. is a publicly traded exploration company focused on
developing the Company's 100% -owned Clayton Valley Lithium Project in Nevada.
Exploration and development by Cypress has discovered a world -class resource of
lithium-bearing claystone adjacent to Albemarle's S ilver Peak mine, North America's
only lithium brine operation. The size of the resource makes the Clayton Valley Project
a premier target that has the potential to impact the future supply of lithium for the fast-
growing global lithium-ion battery market.
Cypress Development Corp. has approx. 89.1 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX -V: CYP), visit our website
at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward -looking
statements". All statements in this release, other than statements of historical facts, that
address events or developments that management of the Company expects, are forward -
looking statements. Although management believes the expect ations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance, and actual results or developments may differ materially
from those in the forward-looking statements. The Company undertakes no obligation to update
these forward -looking statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to differ materially from those
in forward-looking statements, include market prices, exploration and development successes,
continued availability of capital and financing, and general economic, market or business
conditions. Please see the public filings of the Company at www.sedar.com for further
information.