CDY 1.11% 8.9¢ cellmid limited

Ann: Ikon Legal Action,WPP-CDY.AX, page-2

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    SYDNEY, Friday, 22 July 2016, Cellmid Limited (ASX:CDY), was advised at 4:43pm today by
    email that Ikon Communications Pty Ltd (Ikon), a subsidiary of the WPP AUNZ (ASX:WPP) group
    of advertising agencies, filed legal action against Advangen International Pty Ltd, Cellmid’s
    wholly owned subsidiary operating its Australian consumer health business.
    Ikon’s claim is for the amount of $939,055.65 pursuant to the Services Agreement entered into
    by the parties on 15 June 2015. In its claim Ikon alleges that Advangen has failed to pay
    certain invoices for services rendered in relation to an advertising campaign.
    Advangen strongly disputes that Ikon is entitled to be paid for the work the subject of the
    invoices. It is Advangen’s position that Ikon has breached the Services Agreement, failed to
    provide certain services at all or adequately and engaged in misleading and dishonest
    conduct that has caused Advangen loss and damage.
    Advangen intends to vigorously defend its position and cross claim for payments already
    made for services not provided or properly provided by Ikon, as well as for any further
    damages. It will also ensure that there is adequate security for its costs, and if necessary,
    apply for an order that security for costs be provided by Ikon.
    Cellmid, together with its operating entities including Advangen, takes its responsibility to
    prudently deploy shareholders’ capital seriously. Advangen has sought a commercial
    resolution of the dispute between the parties to avoid legal proceedings but this has been
    unsuccessful.
    Additional information, to the extent legally permissible, will be shared during the investor call
    on 27th July 2016.
    End
    Contact: Maria Halasz, CEO
 
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