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Coinsilium Group Limited: IOV Labs Asia Updat...
Coinsilium Group Limited: IOV Labs Asia Updat....
About this update from Coinsilium Group Ltd.
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCoinsilium Group Limited (COIN)\n\n\n\n\n\n\nCoinsilium Group Limited: IOV Labs Asia Update 18-Aug-2023 / 14:15 GMT/BST\n\n\nCOINSILIUM GROUP LIMITED \n\n(\"Coinsilium\" or the \"Company\")\n\nCoinsilium Group Limited: IOV Labs Asia Update\n\nLondon, UK, 18 August 2023 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor, and venture builder hereby provides an update on the status of IOV Labs Asia Pte. Ltd. (“IOV Labs Asia”), the Company’s Singapore-based 50/50 joint venture company (“JVC”) with IOV Labs Ltd (“IOV Labs”).\n\nBackground\n\nOn 26 October 2022, Coinsilium announced that IOV Labs had advised the Company that it has been re-structuring its goals, targets and strategy and proposed that Coinsilium considers terms under which the Company would be prepared for the current JVC to be replaced with an alternative business model.\n\nThe Company advised IOV Labs at that time that it would be willing to review the objectives of the JVC and proposed certain alternative business models, whilst affirming its position that a prerequisite to progressing any alternative business model would be the satisfactory resolution of the existing JVA arrangements. \n\nOn 28 February 2023, the Company provided a further update stating that the parties have appointed respective legal representatives to work with them in good faith towards reaching an amicable resolution. Through the Company’s legal representatives, it submitted its formal proposal for resolution of the JVC to IOV Labs on 1 December 2022 and received a substantive written response from IOV Labs on 28 February 2023 with their proposal for the resolution of the JVC. On 18 April, the Company sent its counterproposal to IOV Labs, but parties could not reach an agreement.\n\nStatus Update \n\nBoth parties agreed to proceed to a mediation process under the auspices of the Singapore Mediation Centre (‘SMC’), Singapore’s leading provider of alternative dispute resolution services. The mediation was conducted on Thursday 17 August 2023. However, despite Coinsilium’s best efforts, unfortunately no mutually acceptable resolution was reached. \n\nWith the mediation process having now run its course, the Company is considering its options in consultation with its Singapore leg...