Subgen AI’s subsidiary Substrate AI considers an appeal regarding claims against Summon Press
Subgen AI’s subsidiary Substrate AI considers an appeal regarding claims against Summon Press
Subgen AI AB (“Subgen AI” or the “Company”) announces that its Spanish subsidiary, Substrate Artificial Inteligence S.A. (“Substrate AI”), has received a judgement from the Valencia Court of First Instance (Tribunal de Instancia de Valencia) dismissing its claims against Summon Press S.L. (“Summon Press”). Substrate AI is evaluating the judgement and considering filing an appeal.
Substrate AI has received a judgement from the Valencia Court of First Instance (Tribunal de Instancia de Valencia) dismissing its claims against Summon Press. The matter relates to Substrate AI’s acquisition of a business unit from Summon Press in May 2021. In October 2022, Substrate AI alleged repeated breaches by Summon Press and filed a claim for partial rescission of the purchase agreement or, in the alternative, EUR 2.21 million in compensation. Substrate AI further withheld payments of EUR 500,000 until the matter was finally resolved and recorded an impairment of EUR 2.21 million. According to the first-instance judgement dismissing Substrate AI’s claim, Substrate AI is ordered to pay the EUR 500,000 withheld, plus statutory interest and the costs of its own claim. Substrate AI is evaluating the judgement and considering filing an appeal to the Provincial Court of Valencia.
For further information, please see Substrate AI’s website: www.substrate.ai.