Amphion Innovations PLC Amphion settles contested arbitration ruling (4333U)
April 07 2016 - 02:00AM
UK Regulatory
TIDMAMP
RNS Number : 4333U
Amphion Innovations PLC
07 April 2016
Amphion Innovations plc
("Amphion" or "the Company")
Amphion settles contested arbitration ruling
London and New York, 7 April 2016 - Amphion Innovations plc
(AIM: AMP), the developer of medical, life science, and technology
businesses, announces that it has reached a settlement agreement
with Berkeley Research Group LLC ("BRG").
As previously reported in the Company's Notes to the
Consolidated Financial Statements for the year ended 31 December
2014, in December 2012 BRG, an expert consultant engaged by the
Company's wholly owned subsidiary DataTern, filed for arbitration
claiming US$1,142,478 million was owed to them. DataTern opposed
the arbitration and vigorously contested the amount owed. In
January 2015, 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 is now pleased to announce it has 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.
For further information please contact:
Amphion Innovations
Charlie Morgan
+1 212 210 6224
Yellow Jersey PR
Charles Goodwin / Dominic Barretto
+44 (0)7747 788 221
Panmure Gordon Limited (Nominated Adviser and Corporate
Broker)
Freddy Crossley / Duncan Monteith (Corporate Finance)
Charlie Leigh-Pemberton (Corporate Broking)
+44 (0)20 7886 2500
Northland Capital Partners Limited (Joint Corporate Broker)
Patrick Claridge / David Hignell (Corporate Finance)
John Howes (Corporate Broking)
+44 (0)20 7382 1100
Plumtree Capital Limited (Financial Adviser)
Stephen Austin
+44 (0)20 7183 2493
+646 568 7502
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and
technology businesses.
We use our extensive experience in company building to invest
and build shareholder value in high growth companies in the US and
UK. Amphion has significant shareholding in 7 Partner Companies
developing proven technologies targeting substantial commercial
marketplaces. The Amphion model has been refined to optimise the
commercialisation of patents and other intellectual property within
the Partner Companies. The Partner Companies collectively own or
control over 200 separately identified pieces of intellectual
property, a number which grows rapidly each year.
On the web: www.amphionplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRSSIFUMFMSEIL
(END) Dow Jones Newswires
April 07, 2016 02:00 ET (06:00 GMT)
Amphion Innovations (LSE:AMP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Amphion Innovations (LSE:AMP)
Historical Stock Chart
From Mar 2023 to Mar 2024