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Synagie Corp reaches full settlement with third-party provider

SYNAGIE Corporation said on Thursday that it has come to a full and final settlement of all claims with a third-party service provider.

The terms of the settlement remain confidential, and both parties have since discontinued their claims against each other.

Synagie announced on Dec 4, 2019 that it had commenced legal proceedings in Singapore's High Court against the third-party service provider for a breach of contract, and was claiming a sum of S$751,971.25.

In response to the claim, the third-party service provider filed a counterclaim against Synagie on June 14, 2019 for a breach of the same contract and was claiming a sum of S$1.17 million.

Both parties decided to resolve the dispute through mediation.

Synagie shares closed at 11.7 Singapore cents on Thursday, down 0.3 cent or 2.5 per cent.