Form 8-K for INDO GLOBAL EXCHANGE(S) PTE, LTD.
7-Jan-2016
Termination of a Material Definitive Agreement, Other Events
Item 1.02 Termination of a Material Definitive Agreement
As previously annouced on current report on Form 8-K June 5, 2014, on May 29, 2014, Indo Global Exchange(s) Pte. Ltd. (the "Company") entered into an engagement agreement (the "Agreement") with International Global Exchange (AUST), PT Griya Matahari Bali, and Kina Securities Limited ("Kina") with an effective date of November 25, 2013. Pursuant to the terms of the Agreement, Kina appointed the Company, and PT Griya Matahari Bali (collectively, "IGEX") to provide certain services to Kina, including use of IGEX's comprehensive online trading platform for Kina referred clients, which platform includes access to 21 global equity exchanges, account statements in real time, live streaming news and other features and capabilities. Under the terms of the Agreement, IGEX agreed to (i) act as administrator, promoter, educator and integrator for all Kina referred clients, (ii) monitor any developments on transactions that occur on accounts of such Kina referred clients, and (iii) provide technical and market analysis support. IGEX has also agreed to provide a range of seminars as required by Kina, which shall provide instruction on the use of IGEX's online trading platform.
The term of the Agreement is ten (10) years and may be terminated for cause or without cause upon 120 days' notice to the other party. Kina may terminate the Agreement for cause upon the occurrence of certain events, including the following: IGEX (i) has a liquidator or receiver appointed, (ii) becomes an externally administered body, (iii) passes a resolution for winding up, (iv) is guilty of any fraudulent act or willful misconduct which is related to the Agreement, or (v) breaches the terms of the Agreement.
Subequently, on September 6, 2015, Kina representatives made certain statements contained in a Tweet on the social media website Twitter which statements indicated that there was no business relationship between Kina and IGEX . IGEX believes the statement was false and misleading and also believes the Company was damaged by such statements. Further the Company considers the statement a Breach of Contract under Appendix 5, paragraph 30 of the Agreement which paragraph prescribes the manner in which the Agreement may be terminated. As such the Company considers the tweet to be a repudiation of Kina's contractual obligations thereunder and intends to seek damages for breach of contract.
ITEM 8.01 Other Events
The information provided in Item 1.02 of this Current Report on Form 8-K is incorprated by reference into this Item 8.01.
The Comapny will file a US$1,700,000.00/AUD$2,400,000.00 lawsuit against Kina Securities for Breach of Contract. The breach of contract refers to statements made in a September 6, 2015 Tweet on the social media website Twitter. IGEX believes the statement was false and misleading and also believes the Company was damaged in the form of lost revenue.
Th Company has retained the services of Goldhirsch and Shnider, Lawyers of Melbourne, Australia to represent the interests of its shareholders and the dispute will be litigated in the State of Victoria, Australia.
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