Bluechiip Ltd (BCT.AX) and Labcon reach US$1.6m settlement
Melbourne, Australia, June 24, 2021 - (ABN Newswire) - Bluechiip Ltd (ASX:BCT) (HAM:1BL) and Labcon are happy to announce a mutually-beneficial resolution to their disputes as set forth in the litigation filed in the United States District Court for the Northern District of California captioned Bluechiip Limited v. Labcon, North America, et al., No. 3:20-cv-5205-RS.
As a part of this resolution:
- Labcon has agreed to provide Bluechiip with $1.6 million USD, comprising
o an $850,000 USD cash payment, and:
o Return of $750,000 USD worth of Bluechiip delta tags and products previously sold to and paid for by Labcon. These will be incorporated or repurposed into the newest generation of Bluechiip Products, including Bluechiip's new range of Bluechiip Enabled consumables.
- In addition, Labcon and Bluechiip have entered a new Supply Agreement for the new Bluechiip Enabled consumables, readers, and software. Bluechiip will provide a credit of up to $1,350,000 USD on sales under this new supply arrangement.
Andrew McLellan, Bluechiip Managing Director, said he was delighted that Bluechiip's commercial relationship with Labcon would continue. "We look forward to progressing our partnership with Labcon in the future, especially with our new generation of Bluechiip Enabled consumables, readers and software. The market opportunity for our new products is significant; we believe demand for them will only increase in today's world of ultra-low temperature storage and transport of highly valuable biologic materials."
Jim Happ, President of Labcon, said, "It is pleasing that we have agreed to move forward with Bluechiip with its new generation of Bluechiip Enabled products. As world markets reopen and we emerge from the global pandemic, we are well positioned to engage customers and make progress to grow the market for Bluechiip's unique technology and products. Our two teams have worked well together in the past and we believe they will continue to do so in the future."
About Bluechiip Ltd:
Bluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.
Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Bluechiip: Delivering confidence in every sample.
Managing Director - CEO
Oxygen Financial PR
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