Volt Secures $1.3M Wescone Claim Settlement

Volt Power Group Limited (Volt or Company) advises that it has reached a commercial settlement of all outstanding claims alleged in the Proceedings in connection with the 2018 acquisition of Volt’s Wescone business with all vendor parties (Wescone Vendor) without admission of liability by either party.

The settlement terms are confidential but provide for the payment to Volt of $1.3 million in two instalments (Settlement Sum).

The first instalment in the amount of $1 million will be paid to Volt by 16 February 2021.

The second and final instalment will be paid no later than 19 August 2021. The Wescone Vendor has granted a security over two commercial properties to secure the second instalment.

The settlement arrangements also provide for the termination of a royalty agreement pursuant to which the Wescone Vendor was entitled to royalty payments above a specific revenue threshold.

Good news for a very small cap....

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