Pharm X Technologies (ASX: $PHX) Court Appeal Outcome

Pharm X Technologies Ltd (ASX: $PHX) has announced the outcome of the Victorian Supreme Court appeal proceedings initiated by Fred IT Group Pty Ltd (Fred IT). The Court of Appeal has overturned the previous judgment in the Corum Systems appeal, resulting in a loss for Pharm X Technologies. However, the Court of Appeal has confirmed the previous judgment in favor of Pharm X Pty Ltd. As a consequence, Pharm X Technologies will be required to repay a substantial amount to Fred IT and pay additional amounts for interest and trial costs. Final Orders are pending, and further details will be provided in due course. Despite the setback, the Board and Management have emphasized the company's sustainable and resilient business model, anticipating no material impact on its underlying business or the execution of its commercial growth strategy.

Executive Commentary on Legal Outcome

Tom Culver, CEO of Pharm X Technologies, stated, 'While the outcome of the legal proceedings is far from what we had hoped for, it's important to emphasize the strength of our underlying business. We have prioritized building resilience with a sustainable model, coupled with prudent financial management during the uncertain period of the appeals process. We're confident that this setback won't hinder the execution of our commercial growth strategy, and we remain focused on delivering long-term value for our stakeholders.' Nick England, Non-Executive Chairman, added, 'This legal outcome does not diminish our confidence in the strength and resilience of Pharm X Technologies. Our recent financial performance and the refocusing of the business speaks volumes about the company's underlying strength. The Board remains committed to supporting the Management team in executing the strategic growth plan. Our focus remains on delivering innovative solutions and achieving our long-term goals.'

Summary of Pharm X Technologies Court Appeal Outcome

Pharm X Technologies Ltd (ASX: $PHX) has faced a setback in the Victorian Supreme Court appeal proceedings initiated by Fred IT Group Pty Ltd. The outcome requires Pharm X Technologies to repay a substantial amount to Fred IT and pay additional amounts for interest and trial costs. Despite this, the company maintains a provision against such outcomes and holds significant cash holdings. The Board and Management remain confident in the company's underlying business strength and its ability to execute the commercial growth strategy. The legal outcome does not diminish their commitment to building a successful future and delivering long-term value for stakeholders. Pharm X Technologies, dedicated to advancing healthcare through transformative technology, continues to drive growth and connectivity within the pharmacy network, positioning itself as a key player in the Australian healthcare industry.