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.
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