Conclusion of Cannontech Matter
Released
Released
Announcement PDF
ASX Announcement
1 November 2024
CONCLUSION OF CANNONTECH MATTER
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to announce that it has concluded an
out of Court settlement between the lessor of the Bibra Lake premises (‘Lessor’), Cannon
Technologies Ltd (‘Cannontech’), FrontierDC Ltd and the Company, in relation to the Legal Matter
between the parties (ASX: 17 March 2023).
Adisyn will not be contributing any amounts towards the settlement of the Legal Matter, and each
party has agreed to provide mutual releases against any future claims it may have in regard to the
Legal Matter.
Background
On 17 March 2023, the Company announced it had been named as second defendant in a dispute
between the Lessor and Cannontech, in respect of the ownership of certain equipment located at the
Bibra Lake premises (‘Legal Matter’). Further updates were provided to the market in announcements
dated 29 September 2023, 28 February 2024, 4 September 2024, and 27 September 2024.
On 4 September 2024, the Company announced that it had successfully negotiated a surrender of its
Bibra Lake lease with the Lessor and that as a condition of the surrender of lease, the Lessor had
agreed to indemnify Adisyn against any potential exposure to damages for the Legal Matter in the
event that Cannontech is successful in the proceedings.
-ENDSThis announcement has been approved for release by the Board of Adisyn Ltd.
Further Information:
Blake Burton
Managing Director, Adisyn
investors@adisyn.com.au
About Adisyn (adisyn.com.au):
Adisyn (ASX: AI1) is a provider of managed technology services and solutions, primarily targeting the
SME market. The company aims to be the preferred sovereign provider for SMEs in the Australian
defence industry supply chain. Adisyn’s offerings include a range of solutions tailored to this growing
market segment, leveraging internal capabilities and strategic partnerships, particularly in
cybersecurity and AI.
Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
Forward-looking statements:
Statements contained in this release, particularly those regarding possible or assumed future
performance, revenue, costs, dividends, production levels or rates, prices, or potential growth of
Adisyn Ltd are, or may be, forward-looking statements. Such statements relate to future events and
expectations and as such, involve known and unknown risks and uncertainties. These forward-looking
statements are not guarantees or predictions of future performance and involve known and
unknown risks, uncertainties, and other factors, many of which are beyond the Company's control,
and which may cause actual results to differ materially from those expressed in the statements
contained in this release.
The Company cautions shareholders and prospective shareholders not to put undue reliance on
forward-looking statements, which reflect the Company's expectations only as of the date of this
announcement. The Company disclaims any obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as required
by law.
Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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