Press release Stockholm August 26, 2015
Brighter has filed suit against HotSwap.
After the aborted launch of our first product Brighter One(TM) Brighter has initiated legal proceedings against its former development partner HotSwap for damages, requesting reimbursement for paid consultancy fees, lost profits and other damages in the amount of approximately SEK 34.8 million.
The legal process has begun by which Brighter has filed that HotSwap has grossly mismanaged its assignment to develop our first product. This has resulted in considerable financial damages for Brighter and its shareholders.
"We canceled the launch because what HotSwap delivered was substandard", says Truls Sjöstedt, Brighter's CEO and founder.
"HotSwap just could not manage to maintain the high quality level we clearly specified. Brighter wants to be reimbursed for the development costs, plus compensation for, among others, lost profits that the aborted launch entailed."
The legal process began after HotSwap failed to meet Brighter's out of court proceedings.
"In my opinion there is no doubt about who did right and who is at fault in this case, as emphasized by HotSwaps actions. Among other, HotSwap claimed "better right" to a patent Brighter applied for, although HotSwap has assigned all the rights to intellectual property in the agreement between the parties", says Truls Sjöstedt.
The amount Brighter claims that HotSwap be obliged to pay amounts to about SEK 34.8 million plus interest in accordance with § 6 of the Swedish Interest Act. In addition Brighter claims reimbursement of legal expenses.
About Brighter AB (publ)
By means of its intellectual property Brighter develops innovations for people who live with a medical condition. We develop the tools that improve the situation and every day lives of individuals. Half of Sweden's 4.6 million households will be "connected" for home care or through mobile units within five years. Brighter's objective is to simplify, streamline and strengthen the relationship between patients and healthcare professionals through the development of innovations in the area of mobile health - a market that already today - 2015 - is valued at SEK 120 Billion on a global basis.
The Company's shares are listed on NASDAQOMX First North/BRIG.
Visit our website and subscribe to press releases: www.brighter.se
Follow us on:
www.introduce.se
Certified Adviser
Brighter's Certified Adviser on Nasdaq OMX First North is Remium Corporate Finance +46 (0)8 - 454 32 76, CorporateFinance@remium.com, www.remium.com.
For further information, please contact:
| Henrik Norström, COO Telephone: +46 (0)733 40 30 45 Email: henrik.norstrom@brighter.se | Truls Sjöstedt, VD Telephone : +46 (0)709 73 46 00 Email: truls.sjostedt@brighter.se |
HUG#1947531
