Overview of BirdDog's legal settlement

BirdDog Technology Limited (ASX: $BDT) has reached a settlement in the legal proceedings with Bolin Technology Co., Ltd and others, resulting in a cash outflow of US$1.6 million and a cost of US$3.3 million to be recognized in the 2024 financial year.

Executive commentary on the settlement

Dan Miall, CEO of BirdDog, expressed his satisfaction with the amicable settlement with Bolin, highlighting the conclusion of the costly legal action and the company's ability to refocus on its business and the success of its new product range.

Summary of BirdDog's legal settlement and outlook

BirdDog Technology Limited (ASX: $BDT) has successfully settled the legal dispute with Bolin parties, incurring a cash outflow of US$1.6 million and a cost of US$3.3 million to be recognized in the 2024 financial year. The settlement includes the release of all claims and counterclaims made by the parties involved. As part of the settlement, BirdDog will receive saleable product valued at cost of US$1.6 million, which will help mitigate the cash outflow. The CEO's positive outlook on refocusing the business and continuing the success of the new product range indicates the company's determination to move forward from the legal dispute and concentrate on its core operations and growth prospects.