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Vancouver, British Columbia–(Newsfile Corp. – October 4, 2021) – Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) (“Axion” or the “Company“) received the written judgement of Justice Ross of the Supreme Court of British Columbia dated October 01 of 2021 for case S209078 (the “case”).

Axion is pleased to report that the case was entirely dismissed on merits in favour of the Company and its Respondent Directors, Messrs. Yamazaki, Willey and Kim. The judgement found that the firing of the Company’s former CEO, Mr. John Todd Bonner, and his wife, Nithinan Boonyawattanapisut (aka “Jess” amongst other multiple aliases), who currently are the Co-Chairman and Co-CEO of NextPlay Technologies, Inc. (“NextPlay”) respectively, was warranted based on their conduct concerning their covert transaction to create NextPlay in concert with Monaker Group, Inc. (“Monaker”) via a Letter of Intent (the “LOI” or “Monaker LOI”), discovered by the Company’s board.

The judgement specifically acknowledged the Company’s position, “there are some issues that are so serious they require the employer to “walk the employee to the elevator”, and this was such a situation as “The company had to be protected from the employee.”

Justice Ross further delivered:

[47] In my opinion, having taken those steps, in secret, it is inconceivable that Jess and Mr. Bonner did not reasonably expect dire consequences if the Majority Directors discovered the existence of the Monaker LOI. Put simply, the fact that the petitioners kept the existence of the Monaker LOI secret from the Majority Directors establishes that they expected negative consequences if it was disclosed. That inference is inescapable.

[48] It is clear that any delay in Mr. Bonner’s termination could have led to negative consequences for the shareholders. The Petitioners must have, or should have, expected that the Majority Directors would immediately terminate Mr. Bonner as CEO.

[50] The discovery of the Monaker LOI created a situation where the directors reasonably believed that they had to protect the company from Bonner and thus immediately fire him, and this was not oppressive or unfairly prejudicial to Bonner.

[51] … As noted, there are certain actions that require immediate termination of an executive. I find the facts of this case fit into that category.

[67]…The Majority Directors discovered the existence of the Monaker LOI. They were immediately concerned for the best interests of the Company and its shareholders.

[68] On that basis, I find that the Majority Directors had an honest belief that the Monaker LOI would have a negative impact on Axion and its shareholders. They had reasonable grounds for that belief.

In addition to the dismissal of the Petition, Justice Ross allowed the Company and the Respondent Directors to make submissions on costs to be borne by the failed petitioners, Mr. Bonner and Jess. The Company and the Respondent Directors had already been awarded entitlement to costs pertaining to other failed litigation initiated by Mr. Bonner and Jess.

The Company and its directors are pleased to be categorically exonerated by the British Columbia Supreme Court.

The Company again extends its appreciation to all of its shareholders for their ongoing patience and support.

For further information:

Axion Ventures Inc.

Grant Kim
Interim Chief Executive Officer
[email protected]

Cautionary Statement Regarding Forward-Looking Information

This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98454

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