Parts supplier sues Magellan Aerospace in Winnipeg for $1.5M, claiming invoices unpaid
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A company that makes components for military aircraft in Winnipeg is being sued for more than $1.5 million by a supplier that claims it hasn't been paid for parts it supplied.
Magellan Aerospace manufactures the horizontal tail assembly used in Lockheed Martin's F-35A Lightning II Joint Strike Fighter aircraft.
A Manitoba company that supplies hardware entered into an agreement in 2011 to supply Magellan with parts for the manufacture of the Joint Strike Fighter.
After that agreement expired in 2017, another agreement took effect until April 30, 2023, says the statement of claim filed in court.
It says the two companies were unable to negotiate a new agreement, and in December 2024, Adams Supply issued two invoices to Magellan, for a total of $1,499,980.35.
The invoices were to be paid by Magellan by April 5, 2025, the lawsuit claims.
"Despite Adams Supply fully performing its obligations under the procurement agreement" and issuing invoices, the court document alleges "Magellan has failed, neglected and/or refused to pay the invoices."
The lawsuit was filed by A. Adams Supply (1969) Ltd. on April 7 at Manitoba Court of King's Bench in Winnipeg, and names Magellan Aerospace Ltd. and Magellan Aerospace Winnipeg as defendants.
The plaintiff is seeking a court judgment for the invoices, plus interest and court costs.
The allegations have not been tested in court and Magellan has not filed a statement of defence.
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Forward Looking Statements This press release includes "forward-looking statements" which may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated equity value of the combined company, Hotel101's ability to scale and grow its business, the advantages and expected growth of the combined company, the combined company's ability to source and retain talent, the cash position of the combined company following closing of the Transaction, JVSPAC's and Hotel101's ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of JVSPAC's and Hotel101's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of JVSPAC and Hotel101. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of JVSPAC and Hotel101 to successfully or timely consummate the proposed Transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction or approval of the shareholders of JVSPAC or Hotel101; failure to realize the anticipated benefits of the proposed Transaction; the combined company's ability to execute on its business model, potential business expansion opportunities in foreign countries and growth strategies, retain and expand customers' use of its hotel services and attract new customers, and source and maintain talent; risks relating to the combined company's sources of cash and cash resources; risks relating to Hotel101's business; risks relating to JVSPAC's and the combined company's vulnerability to security breaches; risks relating to the combined company's ability to manage future growth; the effects of competition on the combined company's future business; the amount of redemption requests made by JVSPAC's public shareholders; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries involving the parties to the Transaction; the impact of the COVID-19 pandemic on Hotel101's or the combined company's business and the global economy; and those factors discussed in JVSPAC's final prospectus related to its initial public offering dated January 18, 2024, under the heading "Risk Factors," in JVSPAC's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading "Risk Factors" filed with the SEC on March 11, 2025 and other documents filed, or to be filed, by JVSPAC with the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither JVSPAC nor Hotel101 presently knows or that JVSPAC and Hotel101 currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect JVSPAC's and Hotel101's expectations, plans or forecasts of future events and views as of the date of this press release. JVSPAC and Hotel101 anticipate that subsequent events and developments will cause JVSPAC's and Hotel101's assessments to change. However, while JVSPAC and Hotel101 may elect to update these forward-looking statements at some point in the future, JVSPAC and Hotel101 specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing JVSPAC's and Hotel101's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Important Information About the Proposed Transaction and Where to Find It The proposed Transaction will be submitted to shareholders of JVSPAC for their consideration and approval. JVSPAC and Hotel101 have filed with the SEC a registration statement (the "Registration Statement") containing a proxy statement to be distributed to JVSPAC's shareholders in connection with JVSPAC's solicitation for proxies for the vote by JVSPAC's shareholders on the proposed Transaction and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of the securities to be issued to Hotel101's shareholders in connection with the completion of the proposed Transaction. JVSPAC will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed Transaction. JVSPAC's shareholders and other interested persons are advised to read the definitive proxy statement/prospectus, once available, in connection with JVSPAC's solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed Transaction, because these documents contain important information about JVSPAC, Hotel101 and the proposed Transaction. Shareholders may also obtain a copy of the definitive proxy statement as well as other documents filed with the SEC regarding the proposed Transaction and other documents filed with the SEC by JVSPAC, without charge, at the SEC's website located at or by directing a request to JVSPAC at G/F Hang Tak Building, 1 Electric Street, Wan Chai, Hong Kong. Participants in the Solicitation JVSPAC, DoubleDragon Corporation, Hotel101, and their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from JVSPAC's shareholders in connection with the proposed Transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of JVSPAC's shareholders in connection with the proposed Transaction are set forth in the proxy statement/prospectus contained in the Registration Statement which was declared effective by the SEC on June 2, 2025. You can find more information about JVSPAC's directors and executive officers in JVSPAC's final prospectus related to its initial public offering dated January 18, 2024. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests can be found in the proxy statement/prospectus contained in the Registration Statement. Shareholders, potential investors and other interested persons should read carefully the definitive proxy statement/prospectus, once available, before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. No Offer or Solicitation Contacts
