Pricer AB signed in 2006 a test agreement with ProMargin AB with the purpose to evaluate cooperation regarding a new business concept that ProMargin was about to develop. Pricer gave notice of termination of the cooperation in November 2007. ProMargin contests Pricer’s right to terminate the cooperation according to the test agreement. ProMargin has now initiated arbitration proceedings and asked the arbitral tribunal to declare that Pricer in principle is liable to pay damages due to breach of contract. ProMargin is seeking for a declaratory award and is not claiming for any financial compensation by Pricer in the arbitral proceedings.
Pricer is of the opinion that the claims by ProMargin are without merit and denies all liability.
Defending the right to enter into agreements to test new business concepts and device integrations and the right to terminate them inter alia based on lack of success and altered circumstances, Pricer will defend any claim made by ProMargin for violation of a test agreement made in 2006. ProMargin began its operations in 2006 and is owned and led by the founder of Pricer, Erik Danielsson and his relatives.
Pricer is committed to improving and developing the benefits of its technology for retail customers and partners while protecting its platform openness to any and all solutions that can be integrated.
For further information, please contact:
Charles Jackson, CEO Pricer AB: +46 8 505 582 00