Soar Labs Settlement Update
Brisbane, June 20, 2019 AEST (ABN Newswire) - Byte Power Group Ltd (ASX:BPG) provides a further update on the final settlement proceeds due to Byte Power Pty Ltd ("BPPL") from Soar Labs Pte Ltd ("Soar Labs") as per the Settlement Agreement with Soar Labs dated 24th May 2018 ("Settlement Agreement").
On 19 June 2019, the Board of BPPL commenced litigation proceedings in the High Court of the Republic of Singapore to recover the balance of proceeds due to BPPL from Soar Labs as per the Settlement Agreement ("Claim").
A Statement of Claim has been lodged in the High Court of the Republic of Singapore, and a Writ of Summons issued to Soar Labs (1st defendant) and Neo Wenyuan (2nd defendant).
As per the Writ of Summons, Soar Labs and Neo Wenyuan have 8 days to either satisfy the Claim or enter an appearance.
Partial payment by receipt of soar coins
The Board of BPPL had previously announced (29 May ASX announcement) that BPPL was still owed US$120,556.97 in cash plus the transfer of 801,392 soar coins as the final settlement payment owing under the Settlement Agreement. Since that announcement Soar Labs have transferred 801,392 soar coins to BPPL's nominated wallet address.
The balance required to satisfy the amount owing under the Settlement Agreement, is US$120,556.97.
The Board of BPPL will provide further updates as developments relating to the litigation proceedings or payment of settlement amounts occur.
About Byte Power Group Limited
Through Wimobilize, the Group has a new cutting edge technology solution, a proprietary Advance Hybrid Artificial Intelligence Big Data Technology Platform consisting of 31 Advance Analysis Engines, 4 levels of Hybrid Correlation and Al Profiling Algorithms customised for governmental, healthcare, banking, telco and tourism industries. This proprietary Big Data technology platform elevated the AI Predictive Analysis and deep insight intelligence to a new paradigm, applicable to any market segment.
This Wimobilize Big Data technology powered e-commerce ecosystem will provide the next generation innovative trading platform for distributing the Company's Australian wine, organic honey and honeycomb.
Byte Power Group Limited