Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Nuvo Research Inc -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (13209)	12/16/2003 2:21:20 PM
From: SofaSpud	Read Replies (1) \| Respond to of 14101

Smooth move, DMX: Dimethaid To Make Payments To Provalis Pursuant To Ruling Dow Jones TORONTO (Dow Jones)--Dimethaid International Inc. will pay Provalis Healthcare Ltd. a compensatory sum of about $2.1 million, together with costs and interest of about $632,000, following an arbitration ruling in Provalis Healthcare's favor. A counterclaim by Dimethaid International against Provalis Healthcare was denied. The arbitrator's decision is final and binding. In a press release, Dimethaid International's parent, Dimethaid Research Inc. (DMX.T), said its unit ended an agreement in June 2002 that gave Provalis Healthcare exclusive Pennsaid distribution rights in the U.K. Provalis Healthcare initiated arbitration proceedings in December 2002, challenging its right to terminate. The arbitrator found that, although Provalis Healthcare had provided long-term sales projections well below the contract minimums and, at termination, had placed orders for only one-third of the first year's commitment, those facts weren't sufficient to establish that Provalis Healthcare had repudiated the contract. Rebecca Keeler, president and chief executive of Dimethaid Research, said, " Naturally, we are disappointed with the decision and believe it does not appropriately reflect the business commitments made. But the matter is now concluded and we look forward to moving ahead with our new U.K. sales and marketing strategy." Dimethaid International has since signed a sales development services agreement with a U.K. contract organization to recover marketing momentum lost after the initial product launch, the pharmaceutical company said. Provalis Healthcare is a unit of Provalis Plc (PLVS).