Soar Labs settlement update
Brisbane, Oct 1, 2019 AEST (ABN Newswire) - Byte Power Group Ltd (
ASX:BPG) provides a further update on the legal action taken against Soar Labs Pte Ltd in relation to 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 19th July 2019 the High Court of the Republic of Singapore adjudged the defendants, Soar Labs Pte Ltd and Neo Wenyuan, must pay to BPG and BPPL the final settlement balance plus costs and interest relating to this matter.
BPG and BPPL have now finalized a repayment agreement with Mr Neo Wenyuan of Soar Labs to make the final settlement payment of US$120,556.97 plus costs and interest to BPPL on or before 31st January 2020.
About Byte Power Group Limited
Byte Power Group Limited (ASX:BPG) is a diversified technology solutions group with a particular emphasis on securing Asian business opportunities.
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.
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