Amphion Innovations (AMP)
Amphion settles contested arbitration ruling
Amphion Innovations has reached a settlement over a claim filed against its subsidiary DataTern by Berkeley Research Group LLC.
As previously reported, BRG, an expert consultant engaged by the Amphion's wholly owned subsidiary DataTern, filed for arbitration claiming that it was owed US$1,142,478 million.
DataTern opposed the arbitration and vigorously contested the amount owed. In January, the arbitrator found in favour of BRG and awarded them a total amount of US$2,090,865 million for the balance due and legal costs.
The company had recorded the US$2,090,865 as a liability in its Consolidated Financial Statements for the year ended 31 December 2014.
Amphion says it has now reached a settlement agreement with BRG for US$1,575,000 million.
The payment terms are US$100,000, which was paid upon signing the settlement agreement, and further payments of US$400,000 on 30 April 2016, US$500,000 on 30 June 2016 and US$575,000 on 31 December 2016.
As a consequence of this settlement, the liability has been transferred from DataTern to Amphion.
Amphion intends to satisfy the BRG payment obligations through additional loan facilities.
Settling the BRG obligation and transferring the liability to Amphion will allow DataTern to obtain non-recourse litigation financing so that it may continue its patent litigation programme.
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|Last Update: 16:24:01 (18/11/17)|