Charter Pacific has previously confirmed that it is party to a Share Purchase Agreement (SPA) with the Microlatch Group of Companies (Microlatch Pty Ltd, Securicom (NSW) Pty Ltd and Microlatch Limited (UK)) dated 27 September 2016 which remains in full force and effect and has a completion date of 30 March 2018.
Despite this, the Microlatch Group of Companies, led by Mr Chris Burke, has been making various public statements and engaging in certain conduct which demonstrates that he has deliberately chosen to ignore his obligations under the SPA. Charter Pacific will enforce its rights in court under the SPA if a suitable resolution cannot be negotiated promptly.
In yet a further instance of this conduct, Mr Burke caused a “news” item dated 1st January 2018 to be posted at the Microlatch website which asserted that the Microlatch patent assets would be “re-deployed into a new operating entity” for investment purposes.
Charter Pacific puts on notice any party invited to deal with Mr Burke and the Microlatch companies in this regard that this conduct will be a breach of the Microlatch companies’ contractual and equitable obligations to Charter Pacific and its existing shareholders, and thus any such party will be exposed to claims for compensation and other court orders as the Microlatch companies will be exposed. Charter Pacific considers that any attempt by Mr Burke to remove the patent assets from the ownership of Microlatch is a deliberate attempt to deprive Charter Pacific of its contractual entitlements under the SPA, and an attempt to interfere with the mechanics of the justice system. Any party approached by or on behalf of Mr Burke should proceed with caution and on the basis of proper legal advice given the seriousness of the situation.