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Bulletproof Group updates on legal proceedings

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  1. July 17 (Reuters) - Bulletproof Group Ltd (BPF)

    • notification of legal claim
    • received a claim against company lodged in New Zealand high court by Cloud House Limited
    • company views claim as without merit.
    • Claim in relation to asset sale and purchase agreement signed on 31 january 2016
    • claim also alleges that cloud house was misled as to Bulletproof's capabilities, customer base and access to managed services
    • loss in earn out payment is alleged to be nz$3.9 million
    • disputes allegations made and has foreshadowed a counter claim against cloud house in respect of cloud house's financial position
    • claim alleges that co's management,business decisions after acquisition of cloud house business assets resulted in cloud house not achieving earn out
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