Bidstack Group PLC (AIM:BIDS, OTC:FTBGF), a platform for in-game brand activation, said it has now initiated legal action to enforce payment of overdue sums on invoices issued under its commercial agreement with Azerion Technology for the fiscal year 2022.
The company said the legal action was launched after “it became clear to the Bidstack board that Azerion was withholding payment of sums which Bidstack considers to be due and owing in accordance with the agreement,” it noted in a statement.
After the close of business on 30 December 2022, Bidstack said, it received notice from Azerion purporting to exercise an alleged right to terminate the agreement.
After Azerion attempted to terminate the agreement, Bidstack determined that Azerion had no entitlement to do so and plans to claim damages for unlawful termination.
Bidstack noted that it has made progress in building a strong pipeline of revenue for the next fiscal year and has brought on additional resellers in various regions independent of the Azerion relationship.
The company said it will provide updates on its dispute with Azerion in due course.