Half Million Dollar Boost., page-6

Hmm after reading the snippet posted below from Jan quarterly I dont think IMO that this would impede a contract signing based on this part "The dispute is in no way related to any technology asset of the Company and is not material to the operations of the Company"

So I feel the delay in signing is more due to the complex nature of such an agreement. It will be nice though if the civil action puts money in SMN coffers .

Anyway I just wish we would finally get "the company making deal" its a bit of a tease really "immediate near term" but as long as it comes soon we should all be smiling IMO

The above all my view and GLTA


"During the quarter an arbitration award was made in relation to the Company. SMS has issued proceedings in the Supreme Court of Western Australia seeking to overturn the arbitration award. The award is not enforceable without further order of the Supreme Court of Western Australia, and as a result, the dispute is not finalised, and is ongoing. The arbitration relates to a dispute between the Company and Tulip Bay Pty Ltd concerning royalty payments in respect of an agreement (executed in 1999) by which technology rights were fully assigned to SMN. SMN claims it is entitled to repayment of previously paid royalties of approximately $435,000 after Tulip Bay and a related party breached the agreement. The Company claims this breach gave rise to a right to terminate the agreement, and the recoupment of certain related royalty payments previously paid by the Company.

Tulip Bay counter-claimed for royalty payments owed and not paid by SMN and the arbitrators have ruled in favour of Tulip Bay and a related party in the sum of approximately $280,000 including costs and interest. The dispute is in no way related to any technology asset of the Company and is not material to the operations of the Company. Further, as the dispute is the subject of legal proceedings which are not completed, the Company does not intend to make any further disclosure related to the dispute until its finalisation."