Qlife announces that Aidian has initiated arbitration proceedings against Qlife
Qlife Holding interim report for Q4 2022 included aged accounts payable owed to the Finish company Adidan Oy of approximately EUR 0.8 million under short term liabilities and mention of a counter claim against a distributor (Aidian) under contingent assets. Today Qlife announces that Aidian Oy has initiated arbitral proceedings towards Qlife Holding AB’s wholly owned subsidiary Qlife ApS in which Aidian claims payment of unpaid invoices of approximately EUR 0.8 million from Qlife. Qlife intends to dispute the claim since Qlife has counterclaims exceeding Aidian’s claim.
In 2020, Qlife entered into a cooperation with the Finnish company Aidian Oy. Several agreements between the parties were concluded in 2020 and 2021, according to which Qlife undertook to purchase products and services from Aidian and Aidian undertook to purchase products – including the Egoo.Health device and Sars-CoV2-capsule – from Qlife. A dispute has since arisen between Qlife and Aidian. Aidian has claimed payment from Qlife of approximately EUR 0.8 million, for various products and services. Qlife in turn has disputed Aidian’s claim in its entirety on the grounds that Qlife has a counterclaim of approximately EUR 2.2 million against Aidian, i.e., exceeding Aidian’s claim by approximately EUR 1.4 million. Qlife’s counterclaim is based on Aidian’s failure to purchase agreed minimum quantities of products from Qlife.
On 13 March 2023, Qlife received notice that Aidian has initiated arbitration proceedings in Helsinki against Qlife for payment of the above mentioned claim along with interest and legal costs. Qlife intends to dispute Aidian’s claim and present its counterclaim in the arbitration proceedings.
Aidian’s abovementioned claim is reflected as a liability in Qlife’s latest financial report whereas Qlife’s counterclaim against Aidian was reported as a contingent asset but was not recorded in the balance sheet.