July 17, 2017 / 12:09 AM / 9 days ago

BRIEF-Bulletproof Group updates on legal proceedings

1 Min Read

July 17 (Reuters) - Bulletproof Group Ltd

* 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 Source text for Eikon: Further company coverage:

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