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by Mike Caswell

Vancouver's Damon Inc. denies that it owes anything to Andy DeFrancesco, the Toronto investor suing the company over $3.2-million worth of stock. Mr. DeFrancesco claims that the shares are payable as compensation for services, but Damon says that it had no agreement with him. The company denies that he suffered any loss, and asks that the case be dismissed.

The denials from Damon come in response to a lawsuit that Mr. DeFrancesco filed at the Vancouver courthouse on April 11, 2025. The suit claimed that Damon, a Nasdaq listing with an office in Vancouver, had struck an agreement with Mr. DeFrancesco in 2023. According to the suit, Mr. DeFrancesco provided Damon with services that included advising on financings and "other operational aspects" of the company's business.

In return for those efforts, Damon was to issue $1.6-million worth of stock to Mr. DeFrancesco personally and $1.6-million to a company called DeFrancesco Motor Sport, the suit states. Damon's failure to issue the stock deprived Mr. DeFrancesco of the chance to sell the shares at favourable prices, the suit claimed. Mr. DeFrancesco further said that he could have influenced the affairs of the company while he held the shares.

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