VANCOUVER, British Columbia, March 21, 2017 (GLOBE NEWSWIRE) -- Tinkerine Studios Ltd. (“Tinkerine” or the “Company”) (TSXV:TTD) (FSE:WB6B) (OTC:TKSTF) announces that the Company encountered a contract dispute over payment terms for a sale booked during the third quarter 2016. This dispute occurred after the distributor had signed a distributor agreement and had accepted delivery of products to their warehouse.
The sales return is in the amount of $541,098, and the Company has terminated the distributer agreement with the third party.
President and Chief Executive Officer Eugene Suyu states: “We are extremely disappointed with the dispute over the sale during the third quarter, and determined that instead of pursuing legal action, we would take back the product and focus on delivery and sales to new and existing customers moving forward. We continue to focus on development and implementation of Tinkerine U, and penetration into Canada and the United States market.”
ABOUT TINKERINE STUDIOS LTD.
Tinkerine Studios designs and manufactures user-friendly award winning 3D printers and software, with a focus on STEAM based educational content and online training tools. Tinkerine also manufactures its own line of high purity filament for 3D printers.
Tinkerine and Ditto are registered trademarks of Tinkerine Studios Ltd., all rights reserved.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: For further information please contact: Dean Stuart, Investor Relations T: 403 617 7609 E: [email protected]
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