News: BPF Bulletproof Group updates on legal proceedings

July 17 (Reuters) - Bulletproof Group Ltd (BPF)

• notification of legal claim
• received a claim against company lodged in New Zealand high court by Cloud House Limited
• company views claim as without merit.
• Claim in relation to asset sale and purchase agreement signed on 31 january 2016
• claim also alleges that cloud house was misled as to Bulletproof's capabilities, customer base and access to managed services
• loss in earn out payment is alleged to be nz$3.9 million
• disputes allegations made and has foreshadowed a counter claim against cloud house in respect of cloud house's financial position
• claim alleges that co's management,business decisions after acquisition of cloud house business assets resulted in cloud house not achieving earn out