Legal Action Over TechLink Loans
The Atlantic Canada Opportunities Agency is suing Sydney technology company TechLink for $3.2 million in unpaid loans.
ACOA lawyers say more than two years have passed since the federal agency got its last payment from Tech Link.
Meanwhile TechLink’s CEO, John Xidos, says he doesn’t know if his company plans to file a statement of defence before speaking with company lawyers.
About 50 workers were laid off from TechLink in May after the company experienced delays in a product trial, earlier this year.
At the time, Xidos said TechLink needed a $750,000 cash advance on a potential $5-million contract with the Atlantic Lottery Corporation.
However, the money never came through.
Meanwhile, Nova Scotia Business Inc. says a receiver has been appointed regarding its $2.5-million secured loan with TechLink.