SkyVenture files arbitration over Indoor Skydive Australia Group's contractual breaches
AUSTIN, Texas, Sept. 29, 2017 /PRNewswire-AsiaNet/ --
SkyVenture International, Ltd today announced that it initiated an arbitration in Texas before the American Arbitration Association to remedy material contractual breaches by ASX-listed Indoor Skydive Australia Group Limited and its affiliates ("ISAG"). Pursuant to the parties' agreements, the proceedings will be held in Austin, Texas.
SkyVenture's claims are based on license agreements with ISAG that authorize it to operate SkyVenture's vertical wind tunnels ("VWTs") in Penrith, Perth and the Gold Coast, while restricting ISAG from directly or indirectly acquiring VWTs from suppliers other than SkyVenture.
In return for access to SkyVenture's proprietary systems, processes and knowhow, ISAG agreed not to compete with or assist others in competing with SkyVenture. Nevertheless, in public statements ISAG has declared its intention to develop, construct, and operate an indoor skydiving facility in Malaysia with equipment provided by a third-party manufacturer, a material breach of the license agreements. Further, ISAG announced that it entered into a binding memorandum of understanding with a third party for development, construction, and operation of indoor skydiving facilities across China, including Hong Kong.
SkyVenture reserves all of its various legal rights in connection with this matter, including its right to obtain an injunction to halt construction and operation of the proposed Malaysian facility. In addition, if these material breaches are not promptly corrected, SkyVenture has the right to terminate the agreements and associated licenses and prohibit ISAG from further use of the Penrith, Perth and Gold Coast VWTs.
About SkyVenture: SkyVenture International, Ltd, is the world leader in design, manufacturing, sales and operations of wind tunnel systems for indoor skydiving. The company has flown more than 8,000,000 people in a dozen countries and at sea since launching the modern vertical wind tunnel industry in 1998. The company has more than 66 facilities operating worldwide with significant growth plans across the globe in the next 24 months. For more information on SkyVenture please contact Media Relations at +1 512-351-7758.
SOURCE: SkyVenture International, Ltd
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