Update on Soar Labs Pte Ltd settlement
Brisbane, July 19, 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 Pte Ltd dated 24th May 2018.
On the 18th July 2019 Byte Power Pty Ltd ("BPPL") filed an application for Default Judgement in the High Court of the Republic of Singapore against the defendants, Soar Labs Pte Ltd and Neo Wenyuan, as neither party submitted a defense against the previously filed Statement of Claim (as detailed in the ASX Announcement dated 20 June 2019).
The application is also seeking costs on a full indemnity basis.
This application will be heard in courts in Singapore and, should the application be successful, BPPL will take further actions against the defendants for recovery of the balance of US$120,556.97 still owing by Soar Labs Pte Ltd to BPPL.
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