QPX qpsx limited

just got this from gg

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    To: ipernica investment community

    ASX Announcement

    13 December 2006

    Update on Lloyds Case

    ipernica ltd (ASX:IPR) provides the following update in respect of it?s case against Lloyd?s of London in the Supreme Court of Western Australia.

    ipernica is pleased to report that this matter has now been listed for trial on the 13th, 14th and 16th of March 2007. The Court has also ordered that the parties participate in a court ordered mediation to be held prior to trial subject to the availability of the parties.

    ipernica will continue preparation for trial with its lawyers Mallesons Stephen Jaques who have been acting for and advising the company in this matter.

    By way of background on this case, on 3 June 2005, ipernica announced that Lloyd?s had denied its claim under its insurance policy for an indemnity in respect of the costs awarded against QPSX Communications Pty Ltd (a wholly owned Australian subsidiary) in the German Patent Court action involving Deutsche Telekom. Lloyd?s also denied ipernica?s claim for an indemnity in respect of the costs awarded against QPSX Europe GmbH (ipernica?s wholly owned German subsidiary) arising from the appeal against the stay of the Munich District Court infringement action. Lloyd?s continue to accept and pay all other claims made by ipernica under the policy.

    As a result, on 30 August 2005, ipernica filed a writ of summons in the Supreme Court of Western Australia, seeking a declaration that the disputed costs orders are properly covered by the Lloyd?s insurance policy, and that the underwriters should indemnify the Company.

    In the event that the parties are unable to settle the dispute at mediation or prior to trial, ipernica remains confident of its position and its likelihood of success at trial.




 
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