[Alpha Biz=(Chicago) Reporter Paul Lee] Medytox announced on the 20th that GENTIX LIMITED has filed a claim for termination of the Chinese joint venture (JV) contract and compensation. 

 

The applicant claimed compensation for damages equivalent to the applicant's damages, along with a claim to confirm the violation of the terms of the JV contract and to confirm that the applicant has the right to terminate the JV contract. 

 

The amount of damages claims is 118.845 billion won, which is 29.45% of equity capital. 

 

Medytox said, "We believe that there are no violations of the contract claimed by the other party, so we will actively respond through our legal representative."

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