Termination of an agreement with a business partner in India
Current Report No 2/2017
Acting pursuant to Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 2014 No 173, p. 1), the Management Board of Medicalgorithmics S.A. with its registered office in Warsaw (“Company”) hereby discloses that on 28 February 2017, the Company has terminated, with immediate effect, the Strategic Alliance Agreement of 3 July 2014 between the Company and Wipro Limited with its registered office at Dodda Kannelli, Sarjapur Road, Bangalore 560035, India (“Partner”), as announced by the Company in current report No 28/2014 of 4 July 2014.
The subject matter of the agreement was the determination of the rules for the supply by the Company of devices and software comprising the PocketECG service and the Partner distributing and providing medical diagnostics services using PocketECG in India and Sri Lanka.
The reason for terminating the agreement was the failure of the Partner to comply with contractual obligations – to make timely payments and achievement of agreed quarterly and annual minimum amounts of active PocketECG devices.