Phison Win Litigations against U-Tech in Brazil
Phison Electronics Corporation (“Phison”) in September 2011 filed litigation in Brazil against U-TECH DO BRASIL INDÚSTRIA, IMPORTAÇÃO, EXPORTAÇÃO E DISTRIBUIÇÃO LTDA. (“U-TECH”) and its legal representative and guarantor Mr. Daniel Modelis (“Mr. Modelis”), claiming that U-TECH together with Mr. Modelis shall return overdue payment and reimburse other remedies to Phison. The district court and appeal court in São Paulo state, Brazil bothissued judgments in favor of Phison in October 2014 and March 2017, holding that U-Tech and Mr. Modelis shall pay the overdue payment together with other remedies. Per the whole legal proceeding is complete, Phison will enforce the court judgment to protect its rights and interests.
