Thursday, May 08, 2008

Medicinal Honey Producer in Dispute with New Zealand University

Comvita to Take $2m Charge in Waikato Uni Dispute
NZPA (New Zealand), 5/8/2008

Honey products company Comvita Ltd said today it expected to book a $2 million accounting charge in its annual result unless it resolves a dispute with Waikato University.

Comvita and WaikatoLink, the university's commercialisation arm, are both taking legal action over a 2006 agreement to buy intellectual property and future rights from the university.

Comvita said formal mediation attempts had failed, leading to WaikatoLink suing for payment, and Comvita counter-suing for damages…

The court case had yet to be heard, although filings had been presented. Comvita had put on hold its 20-year relationship with Waikato University.

But Comvita – which controls about 70 per cent of the biologically active manuka honey harvest in New Zealand – had relationships with other New Zealand institutions, and research organisations overseas, Mr Hewlett said...

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