We refer to your email below and the investment in Thailand.
We confirm that yesterday 13 August 2014, we have contacted K. Somchai to clarify the current situation, whether he has the same understanding as mentioned in your email. During such conference K. Somchai confirmed the following:
• K. Somchai mentioned that he is not aware of the negotiation regarding K. Suphaporn’s share because as he mentioned to you that he will leave this acquisition to you.
• The new company mentioned by K. Somchai is not actually newly established. This company has already been established for a while, but has been inactive since (we do not perceive that as being a problem).
• To start the operation of the new company, the shareholders need to find a location for the company.
• K. Somchai confirmed that he owns all know-how. It is difficult for us to check, in how far we are talking about protected IP, but as long as there are no patents or similar IP rights protected under the company’s name, we do not see this very critical, as under general rules, the inventor owns the IP, not the employer. As for existing contracts with the old company (ITS), ITS will maintain such business and continue to fulfill the obligations under such relationship.
• During the initial business operation commencement period, none of the ITS assets will be transferred to the new company. All equipments will be purchased new and new staff will be recruited.
We refer to your email below and the investment in Thailand.We confirm that yesterday 13 August 2014, we have contacted K. Somchai to clarify the current situation, whether he has the same understanding as mentioned in your email. During such conference K. Somchai confirmed the following:• K. Somchai mentioned that he is not aware of the negotiation regarding K. Suphaporn’s share because as he mentioned to you that he will leave this acquisition to you. • The new company mentioned by K. Somchai is not actually newly established. This company has already been established for a while, but has been inactive since (we do not perceive that as being a problem).• To start the operation of the new company, the shareholders need to find a location for the company.• K. Somchai confirmed that he owns all know-how. It is difficult for us to check, in how far we are talking about protected IP, but as long as there are no patents or similar IP rights protected under the company’s name, we do not see this very critical, as under general rules, the inventor owns the IP, not the employer. As for existing contracts with the old company (ITS), ITS will maintain such business and continue to fulfill the obligations under such relationship.• During the initial business operation commencement period, none of the ITS assets will be transferred to the new company. All equipments will be purchased new and new staff will be recruited.
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