SmartVideo Europe Limited Serves ADR Notice To Enter into Mediation.LONDON -- Further to the failure by SmartVideo Technologies, Inc (SMVD) to enter into discussions with SmartVideo Europe Limited (SVEL) in order to resolve the repudiatory breach by SMVD of the Distribution Agreement of 2nd April 2004, and the subsequent claim by SVEL against SMVD in the amount of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.2 billion, SVEL have served notice to enter into mediation in accordance with CEDR CEDR Centre for Dispute Resolution CEDR Comprehensive Epidemiologic Data Resource (US Department of Energy) CEDR California Center for Environmental Design Research CEDR Centre for Effective Dispute Resolution Limited Rules. An ADR ADR - Astra Digital Radio Notice was served last week giving SMVD 42 days to settle the claim. Should settlement not occur within this period, SVEL will proceed to request arbitration by the AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. . To date SMVD have failed to formally acknowledge the claim and have not responded to communications from SVEL's solicitors. "This is a very serious matter", commented The Hon. Charles Balfour, Chairman of SVEL and formerly Chairman of NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on International, "I am mystified as to why they have failed to respond to our attempts to settle the matter in a professional and courteous manner. We are now left with no alternative but to pursue them to the fullest possible extent." SVEL will now seek advice as to whether trading in SMVD's shares should be suspended pending an announcement from SMVD regarding this dispute. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion