DUG Technology Says Unit Settles $2.1 Million US Court Dispute Over Energy Services Invoice; Shares Up 4%

MT Newswires Live

03/18

DUG Technology's (ASX:DUG) subsidiary, DownUnder GeoSolutions America, reached a settlement with an unnamed supplier after a US court ordered it to pay around $2.1 million over a disputed energy management services invoice, according to a Wednesday Australian bourse filing.

DownUnder will pay $1.5 million under the settlement and release agreement as full and final settlement of all claims, including its counterclaim and any associated costs, per the filing.

The parties will not pursue further legal action, the settlement admits no liability, and the supplier will file a release of judgment upon payment, the filing added.

DUG Technology's shares rose around 4% in recent Wednesday trade.

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