Addvalue starts arbitration against XEPIC Corporation for $2.8M

This is due to the damages for wrongful termination or repudiation of contracts.

The board of directors of Addvalue Technologies Ltd announced its wholly-owned subsidiary, Addvalue Communications Pte Ltd, has started arbitration proceedings at the Hong Kong International Arbitration Centre (HKIAC) in Hong Kong against XEPIC Corporation Limited, a company incorporated in the People’s Republic of China, for the sum of at least $2.8m (US$2.1m).

This is due to the damages for wrongful termination or repudiation of contracts concerning the production of field programmable gate arrays (FPGA)-based products and the provision of original equipment manufacturing technical services by the claimant for the respondent, together with interest and costs.

The board is of the view that the commencement of arbitration proceedings against the respondent is not expected to have any material impact on the financial position of the company, it noted.

($1 = US$0.74)

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