Presto Automation escalates activities to collect up to $11.1M from ruling

Presto Automation is escalating its activities to act on a previously reported avorable arbitration ruling from the Singapore International Arbitration Center related to a matter with its third-party subcontractor, XAC Taiwan, with respect to the legacy tablets used in its Touch business. Pursuant to the ruling, Presto was awarded approximately $11.1 million in damages. This arbitration ruling was affirmed on March 28, 2023 by the High Court in Singapore. The vendor appealed the ruling to the Singapore Court of Appeal, which is now scheduled to be heard in January 2024. This decision will be the vendor’s last chance to attempt to set aside the arbitration ruling. In conjunction, Presto is actively involved in local court procedures in Taiwan, a “domestication” process that is required in the vendor’s home jurisdiction to enforce the international damages award. This process may take another 12 to 18 months to domesticate the arbitration ruling in Taiwan. The vendor has limited defenses to such domestication and enforcement, provided that Singapore Court of Appeal rules against it.