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Earthworks Industries ( (TSE:EWK) ) has provided an announcement.
Earthworks Industries Inc. has decided not to appeal the U.S. District Court’s order upholding the termination of its lease between subsidiary Cortina Integrated Waste Management Inc. and the Kletsel Dehe Wintun Nation for the Cortina Rancheria waste management project, despite having invested millions of dollars and extensive time into the development. After reviewing the low likelihood of success, the significant cost of an appeal, and the potential requirement to pay or secure KDWN’s claimed legal costs, the board concluded that continuing the legal battle was not in the company’s best interest and will instead seek to deploy the environmentally rigorous waste-handling model developed for Cortina at other sites with new partners, signaling a strategic shift away from the long-contested project and toward alternative growth opportunities.
More about Earthworks Industries
Earthworks Industries Inc., listed on the TSX Venture Exchange and OTCQB, operates through its wholly owned U.S. subsidiary Cortina Integrated Waste Management Inc. in the waste management sector, with a focus on environmentally sound models for waste handling and development of integrated waste management projects in partnership with local communities and other industry participants.
Average Trading Volume: 187,104
Technical Sentiment Signal: Sell
Current Market Cap: C$1.31M
Learn more about EWK stock on TipRanks’ Stock Analysis page.