<SEC-DOCUMENT>0001062993-14-002517.txt : 20140501
<SEC-HEADER>0001062993-14-002517.hdr.sgml : 20140501
<ACCEPTANCE-DATETIME>20140501162250
ACCESSION NUMBER:		0001062993-14-002517
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20140501
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Changes in Control of Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140501
DATE AS OF CHANGE:		20140501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Heritage Global Inc.
		CENTRAL INDEX KEY:			0000849145
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEGRAPH & OTHER MESSAGE COMMUNICATIONS [4822]
		IRS NUMBER:				592291344
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17973
		FILM NUMBER:		14805307

	BUSINESS ADDRESS:	
		STREET 1:		1 TORONTO STREET,SUITE 700
		STREET 2:		P.O. BOX 3,
		CITY:			TORONTO,
		STATE:			A6
		ZIP:			M5C 2V6
		BUSINESS PHONE:		416-866-3005

	MAIL ADDRESS:	
		STREET 1:		1 TORONTO STREET,SUITE 700
		STREET 2:		P.O. BOX 3,
		CITY:			TORONTO,
		STATE:			A6
		ZIP:			M5C 2V6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Counsel RB Capital Inc.
		DATE OF NAME CHANGE:	20110121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C2 Global Technologies Inc
		DATE OF NAME CHANGE:	20050812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCERIS COMMUNICATIONS INC
		DATE OF NAME CHANGE:	20040220
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
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   <TITLE>Heritage Global Inc.: Form 8-K - Filed by newsfilecorp.com</TITLE>
</HEAD>

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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B></P>
<P align=center><B>Washington, D.C. 20549 </B></P>
<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
<BR></B><B>THE SECURITIES AND EXCHANGE ACT OF 1934 </B></P>
<P align=center><B>May 1, 2014 (April 29, 2014) <BR></B>Date of report (Date of
earliest event reported) </P>
<P align=center><B><FONT size=5>HERITAGE GLOBAL INC. <BR></FONT></B>(Exact Name
of Registrant as Specified in its Charter) </P>
<P align=center><B>FLORIDA <BR></B>(State or Other Jurisdiction of
<BR>Incorporation or Organization) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=center><B>0-17973 </B></TD>
    <TD align=center width="50%"><B>59-2291344 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Commission File No.) </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.)
  </TD></TR></TABLE>
<P align=center><B>1 Toronto Street, Suite 700, P.O. Box 3, Toronto, Ontario,
Canada, M5C 2V6 <BR></B>(Address of Principal Executive Offices) </P>
<P align=center><B>(416) 866-3000 <BR></B>(Registrants Telephone Number,
Including Area Code) </P>
<P align=center><B>N/A <BR></B>(Former Name or Former Address, if Changed Since
Last Report) </P>
<P align=justify>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions: </P>
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style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Written communications pursuant to Rule 425 under the
      Securities Act (17 CFR 230.425)</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Soliciting material pursuant to Rule 14a-12 under the
      Exchange Act (17 CFR 240.14a-12)</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Pre-commencement communications pursuant to Rule 14d-2(b)
      under the Exchange Act (17 CFR 240.14d- 2(b))</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Pre-commencement communications pursuant to Rule 13e-4(c)
      under the Exchange Act (17 CFR 240.13e- 4(c))</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Item 1.01</B> <B>Entry into a Material Definitive
Agreement.</B> </P>
<P align=justify style="text-indent: 5%">On April 29, 2014 and effective May 1, 2014 (the &#147;Effective
Date&#148;), Heritage Global Inc. (the &#147;Company&#148; or &#147;HGI&#148;) entered into a Management
Services Agreement (the &#147;Agreement&#148;) with Counsel Corporation (&#147;Counsel&#148;), a
Canadian corporation incorporated in the province of Ontario.</P>
<P align=justify style="text-indent: 5%">Since 2001, Counsel beneficially owned the majority of the
outstanding common stock of HGI, and provided certain business management
services to HGI pursuant to a series of letter agreements. On March 20, 2014,
Counsel declared a dividend in kind, consisting of the distribution, to Counsel
shareholders, of Counsel&#146;s entire holding of 20,644,481common shares of HGI. The
dividend is payable on or about April 30, 2014 to shareholders of record at
April 1, 2014.</P>
<P align=justify style="text-indent: 5%">In connection with this distribution, HGI and Counsel have
entered into the Agreement in order to formalize the terms under which Counsel
will continue to provide certain business management services to HGI. </P>
<P align=justify style="text-indent: 5%">Pursuant to the Agreement, Counsel, consistent with past
practices, will provide HGI with business management services, which include
financial and investment management and advisory services, preparation of
regulatory filings, tax advisory services, board support services, patent
portfolio administration, litigation strategy and management services and
guidance regarding the administration of equity based compensation, as the board
of directors of HGI (the &#147;Board&#148;) may request from time to time (collectively,
the &#147;Management Services&#148;). The Management Services will include making
available an individual who is qualified and willing to execute the duties of
the principal financial officer of HGI. The following Counsel officers and
personnel will be primarily responsible for providing the Management Services on
behalf of Counsel: Executive Vice President, Secretary, Chief Financial Officer,
a Tax Manager, an Accounting Manager and an Accounts Payable Clerk. Counsel will
make itself available for the performance of the Management Services upon
reasonable notice. Counsel will perform the Management Services at the times and
places requested by the Board to meet the needs and requirements of HGI. The
Agreement does not guarantee or imply that the personal services of any
individual currently participating in HGI shall be provided throughout the term
of the Agreement. Should HGI require the personal services of any specific
individual, service arrangements will have to be entered into separately with
such individual. Personal services provided by Allan Silber, President of HGI
and Counsel, are subject to their own terms and conditions and the Agreement in
no way alters or nullifies such terms and conditions, which shall remain in full
force and effect. </P>
<P align=justify style="text-indent: 5%">Counsel will assist HGI in the ongoing operations of HGI&#146;s
asset liquidation business (the &#147;Operation Services&#148;). Counsel will make itself
available for the performance of the Operation Services upon reasonable notice.
Counsel will perform the Operation Services at the times and places requested by
the Board to meet the needs and requirements of HGI.</P>
<P align=justify style="text-indent: 5%">HGI will pay to Counsel an annual management fee in an amount
equal to $360,000 (the &#147;Management Fee&#148;). The Management Fee will be payable
quarterly within thirty days following the end of each calendar quarter. Additionally, HGI
will pay to Counsel an annual operations fee in an amount equal to $75,000 (the
&#147;Operations Fee&#148;). The Operations Fee will be payable quarterly within thirty
days following the end of each calendar quarter. In addition to the Management
Fee and the Operations Fee, HGI shall pay directly or reimburse Counsel for
Out-of-Pocket Expenses, which for purposes of the Agreement are defined as the
reasonable amounts incurred by Counsel and/or its personnel from products and/or
services of unaffiliated third parties delivered to HGI or Counsel and/or their
respective personnel in connection with the Management Services and Operation
Services. All direct payments and reimbursements for Out-of-Pocket Expenses
shall be made promptly upon, or as soon as practicable after, presentation by
Counsel to HGI of a statement in reasonable detail in connection therewith. </P>
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<P align=justify style="text-indent: 5%">Interest at a rate per annum equal to the lesser of the then
current rate announced from time to time by the Wall Street Journal as the
&#147;prime rate&#148;, plus 2%, or the maximum rate allowable by law, will accrue and be
payable by HGI on any unpaid Management Fee or Operations Fee until such amounts
are paid.</P>
<P align=justify style="text-indent: 5%">The term of the Agreement (the &#147;Term&#148;) will be for an initial
term of one year; however, the Agreement may be terminated at any time following
the date hereof upon mutual agreement of HGI and Counsel. The Term will
automatically renew for successive one year terms unless either Counsel or HGI
give notice of its intent not to renew the Agreement within ninety days before
the expiration of the initial term or any renewal term. </P>
<P align=justify style="text-indent: 5%">A copy of the Agreement is attached hereto as Exhibit 10.1 and
incorporated herein by reference. The foregoing description of the Agreement is
a general description only and is qualified in its entirety by reference to
Exhibit 10.1. </P>
<P align=justify><B>Item 5.01. Changes in Control of Registrant. </B></P>
<P align=justify style="text-indent: 5%">As disclosed in Item 1.01 above, on March 20, 2014, Counsel
declared a dividend in kind, consisting of the distribution, to Counsel
shareholders, of Counsel&#146;s entire holding of 20,644,481common shares of HGI. The
dividend is payable on or about April 30, 2014 to shareholders of record at
April 1, 2014. As a result of this transaction, Counsel no longer controls HGI.
To the knowledge of the Board, no single shareholder of HGI who received common
shares of HGI will own in excess of 10% of the outstanding common shares of
HGI.<B> </B></P>
<P align=justify><B>Item 8.01 Other Events. </B></P>
<P align=justify style="text-indent: 5%">On April 28, 2014, the Company issued the press release
attached hereto as Exhibit 99.1 announcing that its shares will be listed and
begin trading on the Canadian Securities Exchange (&#147;CSE&#148;) on Tuesday, April 29,
2014 under the symbol HGP. </P>
<P align=justify style="text-indent: 5%">The CSE is a designated stock exchange pursuant to the
Income Tax Act (Canada) (the &#147;Act&#148;). Consequently, commencing April 29, 2014,
the Company&#146;s shares will be a &#147;qualified investment&#148; in Canada for a registered
retirement savings plan, registered retirement income fund, tax-free savings
account, deferred profit sharing plan, registered education savings plan or
registered disability savings plan for the purposes of the Act.</P>
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<P align=justify><B>Item 9.01 Financial Statements and Exhibits. </B></P>
<P align=justify><I>(d) </I><I><U>Exhibits</U></I><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B><U>No.</U></B> </TD>
    <TD align=left width="90%"><B><U>Exhibit</U></B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit10-1.htm">10.1 </a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit10-1.htm">Management Services Agreement between Heritage Global
      Inc. and Counsel Corporation </a> </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit99-1.htm">Press Release dated April 28, 2014
      </a>
</P></TD></TR></TABLE><BR>
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<P align=center><B>SIGNATURES</B> </P>
<P align=justify style="text-indent: 5%">Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized. </P>
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  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Heritage Global Inc. </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: May 1, 2014 </TD>
    <TD align=left width="50%">By: <U>/s/ Stephen A. Weintraub</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp;Name: Stephen A.
      Weintraub </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp;Title:&nbsp;&nbsp;
      Chief Financial Officer and </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left
      width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Corporate Secretary </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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   <TITLE>Heritage Global Inc.: Exhibit 10.1 - Filed by newsfilecorp.com</TITLE>
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<P align=right><B>Exhibit 10.1 </B></P>
<P align=center><B>MANAGEMENT SERVICES AGREEMENT </B></P>
<P align=justify style="text-indent: 5%">This Management Services Agreement (&#147;<B>Agreement</B>&#148;), is
made and entered into as of May 1, 2014 (the &#147;<B>Effective Date</B>&#148;), by and between
Counsel Corporation, a Canadian corporation (&#147;<B>Counsel</B>&#148;) and Heritage
Global Inc., a Florida corporation (&#147;<B>HGBL</B>&#148;). </P>
<P align=justify style="text-indent: 5%">Since 2001, Counsel has beneficially owned the majority of the
outstanding common stock of HGBL, and has provided certain business management
services to HGBL pursuant to a series of letter agreements. </P>
<P align=justify style="text-indent: 5%">The parties anticipate engaging in a transaction that will
result in Counsel no longer being the beneficial owner of a majority of the
outstanding common stock of HGBL. </P>
<P align=justify style="text-indent: 5%">In connection with the transaction, the parties desire Counsel
to continue providing business management services to HGBL, and wish to further
formalize this arrangement. </P>
<P align=justify style="text-indent: 5%">The parties agree as follows: </P>
<P align=justify>1. <U>Appointment</U>. HGBL hereby engages Counsel, and Counsel
will, upon the terms and subject to the conditions set forth herein, provide
certain services to HGBL, as described in Section 3. </P>
<P align=justify>2. <U>Term</U>. The term of this Agreement (the &#147;<B>Term</B>&#148;)
will be for an initial term of one (1) year; provided, however, that this
Agreement may be terminated at any time following the date hereof upon mutual
agreement of HGBL and Counsel. The Term will automatically renew for successive
one (1) year terms unless either Counsel or HGBL give notice of its intent not
to renew the Agreement within ninety (90) days before the expiration of the
initial term or any renewal term. Notwithstanding anything in this Agreement to
the contrary, (a) the provisions of Section 6 will survive the termination of
this Agreement and (b) no termination of this Agreement, whether pursuant to
this Section 2 or otherwise, will affect HGBL&#146;s duty to pay any fees accrued, or
reimburse any cost or expense incurred, pursuant to the terms of this Agreement
prior to the effective date of that termination.</P>
<P align=justify>3. <U>Services</U>.</P>
<P align=justify style="text-indent: 5%">(a) <B>Management Services</B>. Counsel, consistent with past
practices, will provide HGBL with business management services, which include
financial and investment management and advisory services, preparation of
regulatory filings, tax advisory services, board support services, patent
portfolio administration, litigation strategy and management services and
guidance regarding the administration of equity based compensation, as the board
of directors of HGBL (the &#147;<B>Board</B>&#148;) may request from time to time
(collectively, the &#147;<B>Management Services</B>&#148;). The Management Services will include making
available an individual who is qualified and willing to execute the duties of
the principal financial officer of HGBL. The following Counsel officers and
personnel will be primarily responsible for providing the Management Services on
behalf of Counsel: Executive Vice President, Secretary, Chief Financial Officer,
a Tax Manager, an Accounting Manager and an Accounts Payable Clerk. Counsel will
make itself available for the performance of the Management Services upon
reasonable notice. Counsel will perform the Management Services at the times and
places requested by the Board to meet the needs and requirements of HGBL. This
Agreement does not guarantee or imply that the personal services of any
individual currently participating in HGBL shall be provided throughout the term
of the Agreement. Should HGBL require the personal services of any specific
individual, service arrangements will have to be entered into separately with
such individual.</P>
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<P align=justify style="text-indent: 5%">(b) Personal services provided by Allan Silber are subject to
their own terms and conditions and this Agreement in no way alters or nullifies
such terms and conditions, which shall remain in full force and effect. </P>
<P align=justify style="text-indent: 5%">(c) <B>Operation Services</B>. Counsel will assist HGBL in the
ongoing operations of HGBL&#146;s asset liquidation business (the &#147;<B>Operation
Services</B>&#148;). Counsel will make itself available for the performance of the
Operation Services upon reasonable notice. Counsel will perform the Operation
Services at the times and places requested by the Board to meet the needs and
requirements of HGBL.</P>
<P align=justify>4. <U>Compensation for Services</U>. </P>
<P align=justify style="text-indent: 5%">(a) <B>Fees for Management Services</B>. HGBL will pay to
Counsel an annual management fee in an amount equal to Three Hundred Sixty
Thousand Dollars ($360,000) (the &#147;<B>Management Fee</B>&#148;). The Management Fee
will be payable quarterly within thirty days following the end of each calendar
quarter.</P>
<P align=justify style="text-indent: 5%">(b) <B>Fees for Operation Services</B>. HGBL will pay to
Counsel an annual operations fee in an amount equal to Seventy-Five Thousand
Dollars ($75,000) (the &#147;<B>Operations Fee</B>&#148;). The Operations Fee will be
payable quarterly within thirty days following the end of each calendar
quarter.</P>
<P align=justify style="text-indent: 5%">(c) <B>Out-of-Pocket Expenses</B>. In addition to the payments
required under Section 4(a) and Section 4(b) above, HGBL shall pay directly or
reimburse Counsel for Out-of-Pocket Expenses (as hereinafter defined). For
purposes of this Agreement, the term &#147;<B>Out-of-Pocket Expenses</B>&#148; shall mean
the reasonable amounts incurred by Counsel and/or its personnel from products
and/or services of unaffiliated third parties delivered to HGBL or Counsel
and/or their respective personnel in connection with the Management Services and
Operation Services. All direct payments and reimbursements for Out-of-Pocket
Expenses shall be made promptly upon or as soon as practicable after
presentation by Counsel to HGBL of a statement in reasonable detail in
connection therewith. </P>
<P align=center>2 </P>
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<P align=justify style="text-indent: 5%">(d) <B>Interest on Unpaid Amounts</B>. Interest at a rate per
annum equal to the lesser of the then current rate announced from time to time
by the Wall Street Journal as the &#147;prime rate&#148;, plus two percent (2%), or the
maximum rate allowable by law, will accrue and be payable by HGBL on any unpaid
Management Fee or Operations Fee until such amounts are paid.</P>
<P align=justify>5. <U>Limitation of Liability</U>. Neither Counsel nor any of
its officers, directors, managers, principals, stockholders, partners, members,
employees, agents, representatives and affiliates (each a &#147;<B>Related Party</B>&#148;
and, collectively, the &#147;<B>Related Parties</B>&#148;) will be liable to HGBL or any
of its affiliates for any loss, liability, damage or expense arising out of or
in connection with the performance of any Services contemplated by this
Agreement, unless such loss, liability, damage or expense will be proven to
result directly from the willful misconduct or gross negligence of such
person.</P>
<P align=justify>6. <U>Indemnification</U>.</P>
<P align=justify style="text-indent: 5%">(a) HGBL will indemnify, defend and hold harmless Counsel and
its Related Parties from and against any and all losses, damages, liabilities,
deficiencies, claims, actions, judgments, settlements, interest, awards,
penalties, fines, costs, or expenses of whatever kind, including reasonable
attorneys&#146; fees, that are incurred by Counsel and/or its Related Parties
(collectively, &#147;<B>Losses</B>&#148;) arising out of or in connection with Services
rendered or to be rendered by or on behalf of  Counsel pursuant to this
Agreement, the transactions contemplated by this Agreement or any actions or
inactions by or on behalf of Counsel in connection with any such Services or
transactions; provided that HGBL shall not be responsible for any Losses of
Counsel or its Related Parties to the extent such Losses have resulted from such
party&#146;s gross negligence or willful misconduct in connection with any of such
Services, actions or inactions. </P>
<P align=justify style="text-indent: 5%">(b) Counsel will indemnify, defend and hold harmless HGBL and
its Related Parties, from and against any Losses incurred to the extent such
Losses have arisen out of the gross negligence or willful misconduct of Counsel
or its Related Parties in connection with the services rendered or to be
rendered pursuant to this Agreement. </P>
<P align=justify>7. <U>Compliance with Laws</U>. In the performance of its
duties and obligations under this Agreement, each party will comply with all
applicable laws. The parties will cooperate fully in obtaining and maintaining
in effect all permits and licenses that may be required for the performance of
the Management Services and Operation Services. </P>
<P align=justify>8. <U>Confidentiality</U>. From time to time during the Term,
either party (as the &#147;<B>Disclosing Party</B>&#148;) may disclose or make available
to the other party (as the &#147;<B>Receiving Party</B>&#148;) information about its
business affairs, goods and services, forecasts, confidential information and
materials comprising or relating to intellectual property, trade secrets,
third-party confidential information and other sensitive or proprietary
information, as well as the terms of this Agreement, whether orally or in
written, electronic or other form or media, and whether or not marked,
designated or otherwise identified as &#147;confidential&#148; (collectively,
&#147;<B>Confidential Information</B>&#148;). Confidential Information does not include
information that, at the time of disclosure: (a) is or becomes generally available to and known
by the public other than resulting from, directly or indirectly, any breach of
this Section 8 by the Receiving Party or any of its representatives; (b) is or
becomes available to the Receiving Party on a non-confidential basis from a
third-party source, provided that the third party is not and was not prohibited
from disclosing the Confidential Information; (c) was known by or in the
possession of the Receiving Party or its representatives before being disclosed
by or on behalf of the Disclosing Party; or (d) was or is independently
developed by the Receiving Party without reference to or use of, in whole or in
part, any of the Disclosing Party&#146;s Confidential Information. For clarity, if
any Party&#146;s Confidential Information is required to be disclosed under
applicable law, such disclosure shall not constitute a breach of this Agreement
so long as the Disclosing Party notifies the Receiving Party of such requirement
and assists the Receiving Party in obtaining a protective order limiting the
disclosure. During the Term and for three (3) years after the disclosure of the
Confidential Information, the Receiving Party shall: (i) protect and safeguard
the confidentiality of the Disclosing Party&#146;s Confidential Information with at
least the same degree of care as the Receiving Party would protect its own
Confidential Information, but in no event with less than a commercially
reasonable degree of care; (ii) not use the Disclosing Party&#146;s Confidential
Information, or permit it to be accessed or used, for any purpose other than to
exercise its rights or perform its obligations under this Agreement; and (iii)
not disclose any  Confidential Information to any person, except to the
Receiving Party&#146;s representatives who must know the Confidential Information to
assist the Receiving Party, or act on its behalf, to exercise its rights or
perform its obligations under this Agreement.</P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify>9. <U>Intellectual Property</U>. Except as otherwise agreed by
the parties, all data, software, intellectual property or other property or
assets (&#147;<B>Property</B>&#148;) owned or created by a party shall remain the sole and
exclusive property and responsibility of such party. Neither party shall acquire
any right, title or interest in or to the Property of the other party pursuant
to this Agreement. </P>
<P align=justify>10. <U>Independent Contractor</U>. Nothing herein will be
construed to create a joint venture or partnership between the parties hereto or
an employee/employer relationship. Counsel will be an independent contractor
pursuant to this Agreement. Neither party hereto will have any express or
implied right or authority to assume or create any obligations on behalf of or
in the name of the other party or to bind the other party to any contract,
agreement or undertaking with any third party. Nothing in this Agreement will be
deemed or construed to enlarge the fiduciary duties and responsibilities, if
any, of Counsel or any of its Related Parties, including without limitation in
any of their respective capacities as stockholder or directors of HGBL. </P>
<P align=justify>11. <U>Notices</U>. All notices, requests, consents, claims,
demands, waivers and other communications hereunder will be in writing and will
be deemed to have been given (a) when delivered by hand (with written
confirmation of receipt); (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested); (c) on the date
sent by facsimile or e-mail of a PDF document (with confirmation of
transmission) if sent during normal business hours of the recipient, and on the
next business day if sent after normal business hours of the recipient; or (d) on the third day after the date
mailed, by certified or registered mail, return receipt requested, postage
prepaid. Such communications must be sent to the respective parties at the
addresses indicated below (or at such other address for a party as will be
specified in a notice given in accordance with this Section 11).</P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left>If to HGBL: </TD>
    <TD align=left width="50%">1 Toronto Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Suite 700, PO Box 3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Toronto, Ontario, Canada M5C 2V6 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Facsimile: 416-866-3000 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">E-mail: sweintraub@counselcorp.com </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Attention: Stephen Weintraub, Executive Vice
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">President, Secretary, CFO </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>If to Counsel: </TD>
    <TD align=left width="50%">1 Toronto Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Suite 700, PO Box 3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Toronto, Ontario, Canada M5C 2V6 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Facsimile: 416-866-3000 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">E-mail: asilber@counselcorp.com </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Attention: Allan Silber, President
  </TD></TR></TABLE>
<P align=justify>12. <U>Entire Agreement</U>. This Agreement constitutes the
sole and entire agreement of the parties to this Agreement with respect to the
subject matter contained herein, and supersedes all prior and contemporaneous
understandings and agreements, both written and oral, with respect to such
subject matter.</P>
<P align=justify>13. <U>Successor and Assigns</U>. This Agreement will be
binding upon and will inure to the benefit of the parties hereto and their
respective successors and permitted assigns. However, neither this Agreement nor
any of the rights of the parties hereunder may be assigned or otherwise
transferred by change of control or operation of law by any party hereto without
prior written consent of the other party. Any attempted transfer or assignment
in violation of this Section 13 will be void.</P>
<P align=justify>14. <U>No Third-Party Beneficiaries</U>. This Agreement is for
the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or will
confer upon any other person any legal or equitable right, benefit or remedy of
any nature whatsoever, under or by reason of this Agreement. </P>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify>15. <U>Headings</U>. The headings in this Agreement are for
reference only and will not affect the interpretation of this Agreement. </P>
<P align=justify>16. <U>Amendment and Modification; Waiver</U>. This Agreement
may only be amended, modified or supplemented by an agreement in writing signed
by each party hereto. No waiver by any party of any of the provisions hereof
will be effective unless explicitly set forth in writing and signed by the party
so waiving. Except as otherwise set forth in this Agreement, no failure to
exercise, or delay in exercising, any rights, remedy, power or privilege arising
from this Agreement will operate or be construed as a waiver thereof; nor will
any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege.</P>
<P align=justify>17. <U>Severability</U>. If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other term or
provision of this Agreement or invalidate or render unenforceable such term or
provision in any other jurisdiction. Upon such determination that any term or
other provision is invalid, illegal or unenforceable, the parties hereto will
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible. </P>
<P align=justify>18. <U>Governing Law; Submission to Jurisdiction</U>. This
Agreement will be governed by and construed in accordance with the internal laws
of the Province of Ontario, without giving effect to any choice or conflict of
law provision. Any legal suit, action or proceeding arising out of or based upon
this Agreement or the transactions contemplated hereby may be instituted in the
courts of Ontario, Canada located in the city of Toronto, and each party
irrevocably submits to the exclusive jurisdiction of such courts in any such
suit, action or proceeding. Service of process, summons, notice or other
document by mail to such party&#146;s address set forth herein will be effective
service of process for any suit, action or other proceeding brought in any such
court. The parties irrevocably and unconditionally waive any objection to the
laying of venue of any suit, action or any proceeding in such courts and
irrevocably waive and agree not to plead or claim in any such court that any
such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. </P>
<P align=justify>19. <U>Counterparts</U>. This Agreement may be executed in
counterparts, each of which will be deemed an original, but all of which will
together be deemed to be one and the same agreement. A signed copy of this
Agreement delivered by facsimile, e-mail or other means of electronic
transmission will be deemed to have the same legal effect as delivery of an
original signed copy of this Agreement. </P>
<P align=justify>20. <U>No Strict Construction</U>. The parties to this
Agreement have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties,
and no presumption or burden of proof will arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of
this Agreement.</P>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify>IN WITNESS WHEREOF, the parties hereto have executed this
Management Services Agreement on the Effective Date. </P>
<P style="MARGIN-LEFT: 50%" align=justify>COUNSEL CORPORATION</P>
<P style="MARGIN-LEFT: 50%"
align=justify><BR>______________________________<BR>By: <BR>Title: </P>
<P style="MARGIN-LEFT: 50%" align=justify>HERITAGE GLOBAL PARTNERS INC. </P>
<P style="MARGIN-LEFT: 50%"
align=justify><BR>______________________________<BR>By: <BR>Title: </P>
<P align=center>7 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Heritage Global Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 99.1 </B></P>
<P align=center><img border="0" src="exhibi1.jpg" width="171" height="124"><img border="0" src="exhibi2.jpg" width="243" height="115"></P>
<P align=justify><B>For Immediate Release</B></P>
<P align=center><FONT size=3><B>HERITAGE GLOBAL INC. SHARES TO BE LISTED FOR
TRADING ON THE CANADIAN SECURITIES EXCHANGE</B></FONT></P>
<P align=justify><B>TORONTO, ONTARIO, April 28, 2014 </B>&#150; Her<B>i</B>tage
Global Inc. (&#147;<B>Heritage Global</B>&#148; <B>o</B>r the &#147;<B>Company</B>&#148;) (OTCQB:
HGBL, CSE: HGP), a leader in distressed and surplus capital assets valuations
and transactions, announces that its shares will be listed and begin trading on
the Canadian Securities Exchange (<B>&#147;CSE&#148;</B>) on Tuesday April 29, 2014 under
the symbol HGP. </P>
<P align=justify>The CSE is a designated stock exchange pursuant to the
<I>Incom</I><I>e</I><I>Tax Act </I>(Canada) (the &#147;<B>Act</B>&#148;). Consequently,
commencing April 29, 2014, the Company&#146;s shares will be a &#147;qualified investment&#148;
for a registered retirement savings plan, registered retirement income fund,
tax-free savings account, deferred profit sharing plan, registered education
savings plan or registered disability savings plan for the purposes of the
Act.</P>
<P align=justify>On March 20, 2014, the board of directors of Counsel
Corporation (&#147;<B>Counsel</B>&#148;) (TSX:CXS), the Company&#146;s 73.3% owner, declared a
special dividend-in-kind (the &#147;<B>Special Dividend</B>&#148;) of Counsel&#146;s entire
holding of 20,644,481 common shares of Heritage Global. The Special Dividend
will be paid on or about April 30, 2014 to shareholders of record as at April 1,
2014. As the majority of Counsel&#146;s shareholders are located in Canada, listing
on the CSE is expected to enhance the liquidity of the shares they receive.</P>
<P align=justify>&#147;We are very pleased to have Heritage Global&#146;s shares listed on
the CSE,&#148; said Allan Silber, Chairman of Heritage Global and Counsel. &#147;We have
been able to deliver value to Counsel&#146;s shareholders while also enabling us to
move towards a single focus on our financial services business.&#148; </P>
<P align=justify><B>About Heritage Global Inc. (</B><U><FONT color=#0000ff><B>www.heritageglobalinc.com</B></FONT></U><B>)</B><BR>Heritage
Global Inc. (OTCQB: HGBL, CSE:HGP) is a value-driven, innovative leader in
distressed and surplus capital assets valuations and transactions. The Company
focuses on identifying, valuing, acquiring and monetizing distressed and surplus
capital assets in twenty-five global manufacturing and technology sectors.
It specializes in both acting as an advisor as well as acquiring turnkey
manufacturing facilities, surplus industrial machinery and equipment, industrial
inventories, accounts receivable portfolios and related intellectual property.
</P>
<P align=justify><B>About Counsel Corporation (</B><U><FONT color=#0000ff><B>www.counselcorp.com</B></FONT></U><B>)
</B><BR>Counsel Corporation (TSX: CXS) is a financial services company operating
in residential mortgage lending through its wholly owned subsidiary Street
Capital Financial Corporation, one of the largest non-bank mortgage lenders in
Canada.</P>
<P align=justify><B>Forward-Looking Statements <BR></B>The statements made in
this release that are not historical facts contain forward-looking information
that involves risks and uncertainties. All statements, other than statements of
historical facts, which address the Company's expectations, including those
relating to the Special Dividend and the listing of Heritage Shares on the CSE,
should be considered as forward-looking statements. Such statements are based on
knowledge of the environment in which the Company currently operates, but
because of the factors listed herein, as well as other factors beyond the
Company's control, actual results may differ materially from the expectations
expressed in the forward-looking statements. Important factors that may cause
actual results to differ from anticipated results include, but are not limited
to, obtaining necessary approvals and other risks detailed from time to time in
the Company's securities and other regulatory filings. </P>
<P align=justify>For further information, please contact: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">Stephen A. Weintraub </TD>
    <TD align=left width="50%" style="border-left-style: none; border-left-width: medium">Ren&#233;e Lam </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">Executive Vice President, Secretary &amp; CFO </TD>
    <TD align=left width="50%">TMX Equicom </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left><U><FONT
      color=#0000ff>sweintraub@counselcorp.com </FONT></U>or 416/866-3058 </TD>
    <TD align=left width="50%" style="border-left-style: none; border-left-width: medium"><U><FONT
      color=#0000ff>rlam@ttmxequicom.com</FONT></U><U></U>, or 416-815-0700,
      ext. 258 </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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