Vending Technologies settles Soche backoff case

Friday 10th May 2002

Vending Technologies Ltd has settled a dispute with Soche Pty over the post-September 11 withdrawal of VTL's $2.5 million offer to buy the Australian company.

VTL claimed the agreement gave it rights to withdraw if adverse market conditions arose. Soche disagreed.

VTL said the settlement was for considerably less than the $A2 million Soche had sought.

It said the decision to settle had been made after quantifying the costs involved in defending the action.

Director Mervyn Doolan said VTL still wanted to expand in Australia "via our proprietary technologies and the unique licensing programmes."

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