Authentication and consumer engagement solutions creator YPB Group Limited (ASX: YPB) is pleased to announce that parties against whom YPB initiated legal action in NSW to reclaim unpaid revenue share have paid $250k cash to YPB in full and final settlement of the matter.
YPB’s 2020 and 2021 Annual Reports (see Notes 14 and 34, 35 respectively), disclosed that YPB was pursuing a commercial dispute against an external party. This dispute in the jurisdiction of NSW claimed unpaid revenue share against a third-party contractor. The contractor manufactured VariSec foil, a wholly owned intellectual property asset of YPB, for certain national passports under a revenue share agreement with YPB. YPB launched legal action in 2020 for unpaid revenue share. The matter has been fully and finally settled this month with the payment of $250k cash to YPB.
YPB had placed A$200k into a security deposit to the court against the legal action which is now being refunded to the Company. Outstanding legal fees are minor, so YPB receives approximately A$450k in free cash.
YPB Executive Chairman and Group CEO John Houston said: “YPB’s intellectual property portfolio is its key asset and we will vigorously protect our IP as needs be.”
This announcement has been authorised by the Board of YPB Group Limited.
Cut out counterfeit attempts? Reid Fruits and Laava show it’s possible
Over three years, Reid Fruits drastically reduced the number of counterfeit attempts on their premium Tasmanian cherries, sold in Asian export markets where the brand was in high demand and had a strong reputation that was at risk from inferior products sold under fake Reid Fruits branding.
In the 2019-20 season, in a bid to fight the fakes, Reid Fruits introduced Laava Smart Fingerprints® on its cherry boxes bound for 20 export markets. The result: only 10 counterfeit attempts, all of which were automatically stopped by the Laava platform.