We are deeply saddened by the sudden demise of Mr Brad Marr in September 19. Brad was the President of Terra Firma Development Company (TFDC), the developer for our project, Forest Lakes Country Club in Nova Scotia, in Canada. His passing has resulted in a sudden disruption to the operation on the ground, including sales and construction activities.
It was discovered after his passing that Brad was the sole Director of the company. His successor, Mr Donald Marr, was only granted the Power of Attorney, which lapsed upon Brad’s passing. The lack of a robust succession plan, aggravated by the fact that TFDC’s corporate structure involves multiple entities residing in different jurisdictions, further complicate the process of re-establishing the TFDC corporate structure to enable business continuity.
Since then, we have been working with our lawyers in Nova Scotia with the aim of securing our investments and restarting operations on the ground so as to re-generate revenue for our investment. Barring any contests or challenges from other stakeholders, we expect to receive preliminary Court judgement on our legal actions in 2nd quarter of 2020.
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