Caravan Announces Board Change and Favourable Cost Decision Re Receivership Application Defeat

CALGARY, AB / ACCESSWIRE / June 20, 2024 / Caravan Trailer Lodges of Alberta Ltd. (the "Company" or "Caravan") announces the appointment of Beverly McKenzie as a director of the Company. Ms. McKenzie is the daughter of Herb Styles and takes over as the Board nominee of Mr. Styles, who has resigned his position as a director and officer of the Company for health reasons. Mr. Calum Stewart, a current director of the Company, has also assumed the role of President of the Company.

Beverly McKenzie brings a wealth of experience to the board, having been a licensed realtor with the Calgary Real Estate Board from 1983 to 1991. Since her marriage in December 1990, she has successfully balanced raising two children with active involvement in numerous committees and volunteering on various boards. She is currently residing in Sechelt on the Sunshine Coast, BC, where she has been a dedicated real estate assistant for the past 21 years.

Caravan also announces that, following the previously announced dismissal of the application brought by Herb Styles to appoint a receiver, the Court of King's Bench has rendered its ruling on costs. The Court has ruled that Caravan and the other respondents are entitled to enhanced costs against Mr. Styles reflecting 75% of their solicitor-client costs. Solicitor-client costs are a higher level of costs than standard party and party costs and are typically reserved for instances where there has been improper conduct or where the Court determines that the losing party's conduct warrants a higher level of sanction. These costs have been awarded against Mr. Styles individually. In rendering this decision, the Court noted:

• "[…] this Court finds that Mr. Styles is giving himself too much credit for the organized way in which the Board is arranging for the sale of the Mobile Home Park, as defined in this Court's oral reasons, and the distribution of the sale proceeds once the Mobile Home Park is sold. Calum Stewart's affidavits articulate those important, organized steps. […]. Mr. Styles was not successful in the application before this Court. Nor was there mixed success. This Court wholly dismissed Mr. Styles' application. He was not successful and for that, Caravan and the Respondents are entitled to costs."

A complete copy of the costs decision can be obtained from the Court of King's Bench of Alberta and will be delivered by the Company to all shareholders and potential beneficiaries for which it has email addresses.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Calum Stewart
Chairman, President and Director
ac.stewart@hotmail.com

Legal Inquiries can also be directed to Caravan's independent counsel, Tingle Merrett LLP, attention: Brett Code K.C. (ph: (403)571-8014) (re litigation matters); or Paul Bolger (ph: (403)571-8006) (re corporate matters).

SOURCE: Caravan Trailer Lodges of Alberta Ltd.