Bluechiip Ltd (ASX:BCT) Lodgment of Open Briefing
- Labcon settlement
- OEM negotiation
openbriefing.com
BCT has announced a settlement with Labcon that includes BCT receiving cash; the return of BCT products; and a new supply agreement with Labcon. Can you give us the key details of this including how the new supply agreement will work and also some background as to when the dispute arose?
MD
We re very pleased to have resolved our dispute with Labcon. The details of the resolution are available in the statement we released on June 24, 2021, but are as follows:
Labcon has agreed to provide Bluechiip with $1,600,000 USD, comprising an $850,000 USD cash payment and return of $750,000 USD worth of Bluechiip delta tags and products previously sold to and paid for by Labcon. These will be incorporated or repurposed into the newest generation of Bluechiip Products including Bluechiip s new range of Bluechiip Enabled consumables. In addition, Labcon and Bluechiip have