TORONTO, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Roadpost Inc. is pleased to announce that the arbitrator in its case against Beam Communications Pty Ltd. has rendered a decision in its favour, finding Beam in material breach of the 50/50 ZOLEO Inc. joint venture agreement between the two companies.
The arbitration decision is final and binding, compelling Beam to sell its joint venture share in ZOLEO Inc. to Roadpost at fair market value. Should the parties be unable to agree on fair market value, it will be determined by an independent professional valuator. The purchase price will be paid 25% at closing with the balance due in three equal annual payments.
Roadpost is confident that ZOLEO device supply will continue without interruption during this process. The joint venture agreement and related documents clearly define the mechanisms, including price, through which all necessary IP for manufacturing and operations will be acquired by ZOLEO Inc. pursuant to Beam's share sale. It is Roadpost's view that the device IP must be rolled up at no additional cost to ZOLEO or Roadpost.
"I am grateful for the outcome of the arbitration proceedings and see it as a reaffirmation of Roadpost's unwavering commitment to the future success of ZOLEO," says Morris Shawn, President of both Roadpost and ZOLEO. "While continuing to vigorously defend against any violation of contractual terms and enforcing Roadpost's other legal rights, we remain focused on continuing to provide innovative solutions and delivering value to our customers and partners. We look forward to working with Beam on a smooth and speedy transition of their ZOLEO ownership stake."
About Roadpost Inc.
Incorporated in 1991, Roadpost Inc. is a premier provider of mobile satellite solutions, delivering reliable and secure communication services to customers around the globe. Committed to innovation and excellence, Roadpost partners with industry-leading manufacturers and networks to enhance connectivity for individuals and organizations in remote and challenging environments. Headquartered in Toronto, Canada, with an office in Seattle, USA, Roadpost distributes its products both directly and through an extensive network of authorized dealers and retailers. Learn more at roadpost.ca and roadpost.com.
About ZOLEO Inc.
Formed in 2018 and headquartered in Toronto, Canada, ZOLEO Inc. is pioneering the development of innovative lower cost, consumer-oriented global messaging solutions including wireless devices and apps based on Iridium short burst data (SBD), mobile and Wi-Fi standards. The company serves three primary markets including consumers residing on the fringe of mobile coverage, outdoor recreation users and field workers requiring lone worker safety and remote messaging. Its products are offered through authorized retailers and e-tailers in the US, Canada, Australia, New Zealand and Europe, including national retailers like Cabela’s, Bass Pro, REI, MEC, Anaconda, Autobarn and regional distributors like CIRDAN and Dalesman. For more information visit: www.zoleo.com.
Roadpost is a trademark of Roadpost Inc. Other brands, products, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
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