The Company has issued a formal Contract Default notice to Varm Cosmo for its failure to
meet its commercial obligations to MGC Derma under the Binding Sale Agreement signed
on 31 October 2017. MGC Derma has been constantly willing and ready to deliver on its
obligations under the contract.
The Company will seek a minimum of $0.5 million from Varm Cosmo in restitution, plus
damages to the Company, for Varm Cosmo repeatedly failing to deliver on its commercial
obligations to MGC Derma for the production and supply of $8.0 million bulk cosmetics
product purchase order, signed by the parties in November 2017.
The Company will continue to keep shareholders informed of any material changes or
outcomes from these legal proceedings, as the process moves forward.
Shouldn't be too long now.
The Company has issued a formal Contract Default notice to Varm...
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