Initiates legal negotiations with the company's Chinese distributor over breach of contract
Idag, 09:12
Initiates legal negotiations with the company's Chinese distributor over breach of contract
VibroSense Dynamics AB (publ) has initiated legal proceedings to address a breach of the exclusive agreement signed with VibroSense's Chinese distributor Genertec Universal Medical Group Co., Ltd (UMCare), a subsidiary of General Technology (Group) Holding Co., Ltd. UMCare is listed on the Hong Kong Stock Exchange.
Under the agreement, UMCare committed to placing orders totaling 3.74 MEUR over three years, starting from the date VibroSense received the NMPA Certificate (National Medical Product Administration) from the Chinese regulatory authority. In the agreement, the order amount is divided into call-offs across three 12-month periods, with the first period beginning when VibroSense received the NMPA certificate on 2025-06-04.
During the current period, UMCare has not fulfilled its part of the agreement. VibroSense has therefore decided to proceed with legal counsel in China to initiate proceedings regarding the breach of contract. The agreement contains a clause on compensation in the event of breach of contract, which may ultimately be settled in a China International Economic and Trade Arbitration Commission. Such a process is estimated to take up to a year.
"I am both surprised and disappointed that we are now forced to take these measures under the agreement that is duly signed, executed, and binding on both parties. Furthermore, the conditions for our product in China have been significantly strengthened by our Class II NMPA certificate, which we received and that was a prerequisite for the implementation of the entire agreement. The NMPA certificate grants us approval with full rights to market and sell our product in China" , says Toni Speidel, CEO of VibroSense Dynamics AB.
For more information, please contact:
Toni Speidel, CEO
VibroSense Dynamics AB (publ)
Phone: +46 40 88 026
Email: info@vibrosense.com
Website: www.vibrosense.com
“The new Gold Standard for reliable
detection of nerve damage”
About VibroSense Dynamics AB (publ)
VibroSense Dynamics AB (publ) develops and sells medical devices and services to facilitate diagnosis of nerve damage in the hands and feet. The method is based on measuring and quantifying the ability to perceive vibrations applied to the skin at multiple frequencies. The company's customers include diabetes clinics, occupational health providers, hospitals, primary care centers, and researchers.
Our vision that the company's products shall become a standard tool in all neurological examinations, to detect early signs of sensory changes so that patients and healthcare providers can take preventive action to avoid, reduce, or delay the onset of nerve damage in the hands and feet.
Ämnen i artikeln
Initiates legal negotiations with the company's Chinese distributor over breach of contract
Idag, 09:12
Initiates legal negotiations with the company's Chinese distributor over breach of contract
VibroSense Dynamics AB (publ) has initiated legal proceedings to address a breach of the exclusive agreement signed with VibroSense's Chinese distributor Genertec Universal Medical Group Co., Ltd (UMCare), a subsidiary of General Technology (Group) Holding Co., Ltd. UMCare is listed on the Hong Kong Stock Exchange.
Under the agreement, UMCare committed to placing orders totaling 3.74 MEUR over three years, starting from the date VibroSense received the NMPA Certificate (National Medical Product Administration) from the Chinese regulatory authority. In the agreement, the order amount is divided into call-offs across three 12-month periods, with the first period beginning when VibroSense received the NMPA certificate on 2025-06-04.
During the current period, UMCare has not fulfilled its part of the agreement. VibroSense has therefore decided to proceed with legal counsel in China to initiate proceedings regarding the breach of contract. The agreement contains a clause on compensation in the event of breach of contract, which may ultimately be settled in a China International Economic and Trade Arbitration Commission. Such a process is estimated to take up to a year.
"I am both surprised and disappointed that we are now forced to take these measures under the agreement that is duly signed, executed, and binding on both parties. Furthermore, the conditions for our product in China have been significantly strengthened by our Class II NMPA certificate, which we received and that was a prerequisite for the implementation of the entire agreement. The NMPA certificate grants us approval with full rights to market and sell our product in China" , says Toni Speidel, CEO of VibroSense Dynamics AB.
For more information, please contact:
Toni Speidel, CEO
VibroSense Dynamics AB (publ)
Phone: +46 40 88 026
Email: info@vibrosense.com
Website: www.vibrosense.com
“The new Gold Standard for reliable
detection of nerve damage”
About VibroSense Dynamics AB (publ)
VibroSense Dynamics AB (publ) develops and sells medical devices and services to facilitate diagnosis of nerve damage in the hands and feet. The method is based on measuring and quantifying the ability to perceive vibrations applied to the skin at multiple frequencies. The company's customers include diabetes clinics, occupational health providers, hospitals, primary care centers, and researchers.
Our vision that the company's products shall become a standard tool in all neurological examinations, to detect early signs of sensory changes so that patients and healthcare providers can take preventive action to avoid, reduce, or delay the onset of nerve damage in the hands and feet.
Ämnen i artikeln
Saab
Kinnevik
Rapportperioden
Aktieanalys
Saab
Kinnevik
Rapportperioden
Aktieanalys
Marknadsöversikt
1 DAG %
Senast
1 mån
