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NUVO announces third quarter 2008 financial results
Date:10/30/2008

is possible that the provincial tax authorities will propose similar adjustments as a result of the CRA reassessments. The notices of reassessment, if they stand, could cause the Company to breach certain representations and warranties in the SPA.

The Company estimates its potential obligation under the indemnification provisions of the SPA as a result of the reassessments is in the range of $6.5 million to $7.5 million, including interest and penalties. In addition, the Company expects the potential obligation under the indemnity to increase as additional interest accrues and penalties are assessed on the reassessed amounts. The SPA also requires the Company to indemnify Paladin for out-of-pocket costs (including attorneys' and experts' fees) incurred by Paladin that are caused by the Company's breach of its representations and warranties contained in the SPA.

The Company disagrees with the position taken by the CRA and believes it is without merit. Squire is contesting the reassessments through the CRA appeals process and has filed a Notice of Objection with the CRA. The Company is participating in this process. An unfavorable resolution could have a material adverse impact on the Company's cash flows.

Squire is a "Large Corporation" under subsection 225.1(8) of the Income Tax Act and as a result the CRA took action to collect 50% of the reassessed amount, $3.7 million, in September 2008. Squire may make a claim against the Company for a portion of the $3.7 million; however, the Company believes that pursuant to the indemnification provisions of the SPA, the Company is not obliged to make any such payment to Squire unless and until there is a final determination after exhausting all avenues of appeal available through the CRA Appeals process and the courts or by agreement between the parties that the Company is in breach of a representation and warranty in the SPA related to its tax accounts or tax assets.

Detailed financial statements
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SOURCE Nuvo Research Inc.
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