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COPYRIGHT 2004 Asia Pulse Pty Ltd
(Full text of this release can be found at http:/www.asianetnews.net)
NEW YORK, April 29 /PRNewswire-AsiaNet/ --
Claim is for $5.7 Million in Minimums and Source Code Fees
On2 Technologies, Inc., said today that it will file multiple breach of contract claims to be arbitrated in the London Court of International Arbitration as is specified in the agreements between On2 Technologies, Inc. and Beijing E-world dated June 21, 2003. The company stated that it is not canceling its arrangement with E-world but is claiming the entire amount of the minimums due to On2 under the contracts ($4,992,000) and the chip porting fees ($750,000). The company has satisfied all of its obligations under its agreements with E-world, having delivered to E-world the source code to its software in June 2003 and having spent thousands of dollars and hundreds of man-hours helping E-world develop its next-generation EVD products.
Douglas A. McIntyre, On2's President, Chairman, and CEO, stated, "We are obviously disappointed that E-world has refused to satisfy its clear contractual obligations by failing to pay the quarterly minimum payment and failing to accomplish the chip port. We are particularly surprised by E-world's behavior, because it stands in...
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