Tuesday, 10 May 2011

Healthway Got lawsuit?


Singapore, 10 May 2011 –The Board of Directors (the “Board”) of Healthway Medical
Corporation Limited (the “Company”) wishes to announce that on 25 January 2011,
Cyrus Capital Consulting (“Cyrus”) filed a Writ of Summons in the High Court of the
Republic of Singapore against Healthway Medical Group Pte Ltd (“HMG”), a subsidiary
of the Company, for a total sum of S$779,981.61 (or alternatively, damages to be
assessed), plus interest on the said amount and costs. Cyrus has alleged that certain
consulting fees, performance bonuses and commissions pursuant to a services contract
entered into between Cyrus and HMG in March 2009 remain due and payable.
HMG is resisting the entire claim by Cyrus. On 11 April 2011, Cyrus filed an application
for Summary Judgment, which is fixed for hearing on 27 May 2011. HMG will be
resisting this application and applying for unconditional leave to defend the action by
Cyrus. The Company's lawyers, have appraised and evaluated the merits of the
Company's defence to Cyrus' claims and are of the opinion that HMG has a good
defence to the case.
None of the Directors or substantial shareholders of the Company has any interest,
direct or indirect, in the aforesaid legal action.
The Company will make the necessary announcements as and when appropriate in due
By Order of the Board
Lam Pin Woon
President and Executive Director
10 May 2011


Good luck to me.


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