Subject : Report progress of lawsuit in a Foreign Court
To: Directors and Managers
The Stock Exchange of Thailand
As the Company received a notice dated 5 November 2021 from Products Licensing LLC whose rights were assigned from Playboy Enterprises International, Inc. (collectively "Playboy") which purports to exercise the right to terminate the Product License Agreement ("Agreement"). The Company has appointed a legal counsel in the United States of America and in Thailand. After both legal counsels had considered the facts and relevant laws, the US counsel views that Playboy wrongfully terminated the Agreement and committed several violations under US laws. The legal counsel advised the Company to take legal action against Playboy to pursue its legal rights. The Company submitted a complaint against Playboy with the claim value of USD 100,000,000.
Later, the Company has amended the complaint essentially to include an individual who was a sale consultant of the Company ( the " Individual" ) and is believed to be involved with Playboy' s actions, as the co- defendants in the same lawsuit under the claims of unfair competition and breach of fiduciary duty under First Amended Complaint ("FAC").
On 12 May 2022, the Individual filed an answer to the Company' s FAC. Thereafter, on 21 June 2022, Playboy filed its answer to the Company' s FAC and counter- claim against the Company essentially for breach of the Agreement. The precise quantum of damage sought by Playboy is not specified in Playboy's counter-claim. At this moment, the ultimate outcome of the counter-claim and quantum of damage cannot be ascertained yet as advised by the US legal counsel.
The case is currently under proceedings at the United States District Court for the Central District of California. If there is any material updates, the Company will inform such updates to the investors and the Stock Exchange of Thailand accordingly.
Sincerely Yours,
(Mr. Sumate Masileerungsri)
Company Secretary
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Thai Nippon Rubber Industry pcl published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 05:51:07 UTC.
Thai Nippon Rubber Industry Public Co., Ltd. is a Thailand-based company, which is engaged in manufacturing and distributing condoms and lubricating gels, including manufacturing paper packaging products. The Company has the ONETOUCH brand and other trademarks under the Company's license, selling both domestically and internationally through distribution to modern, traditional stores and online stores. It offers condoms in a variety of styles, including size, texture, color, smell and packaging. It also offers condoms with special characteristics, such as benzocaine. The Company produces condoms and lubricant (OEM) according to the needs of both domestic and international customers with customers all over the world. The Companyâs subsidiaries include Box Asia Group International Co., Ltd; TNR (Beijing) Trading Co., Ltd; TNR USA Inc; and TNR Bioscience Co., Ltd.
THAI NIPPON RUBBER INDUSTRY PUBLIC CO., LTD. 