by Mike Caswell
Tranzeo Wireless Technologies Inc. is facing a lawsuit in the Supreme Court of British Columbia from Avnet Inc., a New York company that says Tranzeo did not pay it for $835,329 worth of product. (All figures are in U.S. dollars.) According to the suit, Avnet had an agreement in which it purchased a large amount of inventory from Tranzeo and then gradually resold that inventory back to the company at a slightly higher price. Avnet says it held up its end of the agreement, but did not receive the expected payment.
Details of this arrangement are contained in a notice of claim that Avnet filed on Tuesday, April 10, at the Vancouver courthouse. In it, Avnet says that it entered an inventory purchase agreement with Tranzeo on Feb. 13, 2009, in which it would buy 60,469 units of a product it calls AMCC from Tranzeo at $12.45 per unit. It would then resell the inventory back to Tranzeo at $13.32 per unit, returning 6,800 units per month.
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