Amphion Innovations plc
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
+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)
+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.