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YuuZoo takes legal action to collect S$6.46m debt from Infocomm Asia
YUUZOO Corporation said on Friday it has taken legal action to collect from Infocomm Asia Holdings Pte Ltd (IAH) an outstanding debt of S$6.46 million plus interest.
The decision to take legal action was taken after IAH had failed to act on repeated requests by YuuZoo to pay back the debt which was due to be paid to YuuZoo by IAH on Jan 15, 2015.
The debt collection is not linked to the planned acquisition of IAH, which was announced by YuuZoo on Feb 16, 2015.
The company said it will provide further updates to shareholders on the legal action as and when there are any material developments.