Onward Technologies: Court Vacates Freezing Order in US Litigation, No Material Adverse Impact Expected

Onward Technologies Ltd. has provided an update on a litigation matter involving its wholly owned subsidiary, Onward Technologies Inc. (OTI). The Circuit Court of Cook County, Illinois, has vacated its earlier order that had frozen funds in Citibank account of the Company up to and including USD 1,258,000. The Court has also dismissed the pending citation to Citibank in the said matter. The litigation, initiated by an ex-employee of OTI, was regarding alleged non-payment of certain wages. The Court's order does not find any violation or contravention by the Company. Following the vacation of the judgment, Onward Technologies does not anticipate any material adverse impact on its financials or operations.