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Innovo & Beyond Blue settlement pact to resolve issues
09 Jul '07
2 min read
Innovo Group Inc and Beyond Blue Inc announced that they have reached a settlement agreement effective as of July 3, 2007 that resolves all outstanding claims between the parties.
As previously disclosed on Form 8-K filed May 25, 2007 with the Securities and Exchange Commission, on May 24, 2007 Beyond Blue filed a lawsuit against the Company and its Joe's Jeans Inc subsidiary asserting, among other things, certain reserved rights under both the Master Distribution Agreement dated January 1, 2004 ("MDA") and the Dissolution Agreement dated February 1, 2007 ("Dissolution Agreement").
Additionally, on May 25, 2007 the Company, through its Joe's Jeans subsidiary, filed an arbitration claim against Beyond Blue asserting, among other things, certain reserved rights under both the Dissolution Agreement and MDA. The material terms of the settlement are further disclosed on a Form 8-K filed by the Company.
Marc Crossman, Chief Executive Officer of Innovo Group, commented, "We are pleased to have reached an amicable settlement with Beyond Blue to resolve our differences without the further expense of litigation or arbitration."
"Further, this agreement allows us to put all outstanding issues behind us so we can move forward with our business without further distraction."
Harry Haralambus, President of Beyond Blue, stated, "This settlement with Innovo and Joe's Jeans accomplishes the goal of resolving our differences in an expedient manner, and for both parties it also brings to a satisfactory conclusion all discussions about the outstanding issues."
As previously disclosed on Form 8-K filed May 25, 2007 with the Securities and Exchange Commission, on May 24, 2007 Beyond Blue filed a lawsuit against the Company and its Joe's Jeans Inc subsidiary asserting, among other things, certain reserved rights under both the Master Distribution Agreement dated January 1, 2004 ("MDA") and the Dissolution Agreement dated February 1, 2007 ("Dissolution Agreement").
Additionally, on May 25, 2007 the Company, through its Joe's Jeans subsidiary, filed an arbitration claim against Beyond Blue asserting, among other things, certain reserved rights under both the Dissolution Agreement and MDA. The material terms of the settlement are further disclosed on a Form 8-K filed by the Company.
Marc Crossman, Chief Executive Officer of Innovo Group, commented, "We are pleased to have reached an amicable settlement with Beyond Blue to resolve our differences without the further expense of litigation or arbitration."
"Further, this agreement allows us to put all outstanding issues behind us so we can move forward with our business without further distraction."
Harry Haralambus, President of Beyond Blue, stated, "This settlement with Innovo and Joe's Jeans accomplishes the goal of resolving our differences in an expedient manner, and for both parties it also brings to a satisfactory conclusion all discussions about the outstanding issues."
Innovo Group Inc
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