Punktid Technologies AS (Punktid) announces that it has entered into a compromise agreement, which will end the business relationship of Punktid and Punktid's subsidiary HVK Business OÜ (HVK) with Trinidad Wiseman OÜ (TWN), one of the developers of the Punktid platform.
HVK and TWN entered into a contract on 15.11.2018, under which TWN has performed development work for HVK. TWN was the main development partner of Punktid during the period 15.11.20218-31.03.2024, including in the creation of the Punktid D9 platform (it is estimated that TWN has performed 70 percent of the development work of the D9 platform). Since 01.04.2024, TWN has not performed any work.
The launch of the new D9 platform in 2023 turned out to be full of challenges, bringing with it more technical problems in the system's operation than expected and disagreements between the parties regarding the content of the development work and the fee to be paid. The parties have held negotiations to resolve the disagreements, which resulted in the conclusion of a compromise agreement.
Punktid confirms that the employment contract between HVK and TWN of 15.11.2018 has been terminated by the compromise agreement, and the parties have waived any legal dispute and claims against each other regarding disagreements that have arisen or may arise based on the business relationship.
Since 01.04.2024, Punktid has used internal labor for the future development of the platform in order to better manage development work and save costs.
For more information, please contact:
Hannes Niid
Member of the board of Punktid Technologies AS
E-mail: invest@punktid.com
www.punktid.com/investor