TO: DATE: BISAN Ltd COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED 11...

TO: DATE:
BISAN Ltd COMPANY ANNOUNCEMENTS OFFICE
ASX LIMITED 11 JUNE 2015
ASX Code: BSN
MR YEHUDA SZENDER
REFUSES TO SELL OR HAND OVER MOBILE PHONES
The Board of of Bisan Limited (ASX: BSN) advises that My Generation Smartphones (HK) Limited (a wholly owned subsidiary of the Company) has been unable to access the second hand smart phones (goods) from Mr. Yehuda Shmaya Szender (“Szender”).
The smart phones were ordered by Szender from supplier Brightstar 20:20 UK Limited (“Brightstar UK”) of the United Kingdom and shipped and delivered to Hong Kong for resale with a purchase cost value of ~AUD$335,000
These smart phones were to be sold in Hong Kong and once sold it was intended that the next order would be placed with Brightstar UK.
However, the Board regrets to advise that following a visit to Hong Kong by a Director of the Company to establish the status of the goods, Szender has refused to provide access to the goods and will not sell or account for them.
After meeting with Szender in Hong Kong on the 3rd and 4th of June 2015, Szender advised that the grading of the 1,500 smart phones had just been completed and the phones were ready for sale.
Szender surprisingly advised that the sale of the goods could result in a potential loss of up to 40% but believed the sale loss would more likely be in the order of 25% of the cost value. In the service agreement with Szender he had forecasted to the company a minimum “NET MARGIN” of 4% profit.
Szender instructed Bisan to use its lawyers to prepare a document to reflect the sale of these goods which were agreed to be sold on the 5th of June 2015.
A draft document to reflect this and other requests by Szender was emailed to Szender on the 4th of June 2015.
However, despite numerous attempts to contact Szender by phone on his Hong Kong and Thailand numbers and by text message and email, Szender did not respond directly to the company by 5 pm 8th June

now nearly end of July 2015 Any news ???

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