Late November 2007 we told you about i-vu who had inked a deal with the Broadband Learning Corporation for the latter to supply the former with technology to run their US network.
Well it didn’t take long for it all to end in tears with i-vu instigating legal proceedings against BLC hours before BLC were to do the same with i-vu…
Broadband Learning in Arbitration Proceedings With i-vu
SALT LAKE CITY, UTAH–(Marketwire – Sept. 10, 2008) – Broadband Learning Corporation (“Broadband Learning”) (TSX VENTURE:BLC), a participant in the rapidly expanding distance learning market, reports that yesterday it received a demand for arbitration from attorneys representing its business partner, i-vu usa inc. (“i-vu”) which seeks termination of the Definitive Collaboration Agreement between Broadband Learning and i-vu. Broadband Learning denies the basis of this claim and was already in the process of preparing its own demand for arbitration claiming very significant monetary damages from i-vu based on i-vu’s failure to generate any revenues to date on this project and its failure to make a number of payments due to Broadband Learning. The arbitration will proceed in Utah.