Singapore, 28 July 2023 – AEM Holdings Ltd. (the “Company” or “AEM”), a global leader in test
innovation, today announced it has reached a settlement (the “Settlement”) over a confidential
arbitration (the “Arbitration”) as first updated in February 2022.
The complainants to the Arbitration are Advantest America, Inc. and Advantest Test Solutions, Inc.,
and the respondents to the Arbitration are Samer Kabbani, Lattice Innovation, Inc., Wavem US
Inc. (a subsidiary of the Company) and the Company. Samer Kabbani founded Lattice Innovation,
Inc. and is a former employee of Advantest Test Solutions, Inc. Lattice Innovation, Inc. was
acquired by Wavem US Inc. in December 2020, while Samer Kabbani is currently the President
of AEM International (US) Ltd. and the Chief Technology Officer of the Company.
All parties to the Arbitration have reached a settlement of all matters disputed in the Arbitration.
The terms of the Settlement include that the respondents to the Arbitration pay to the
complainants:
(i) A first payment of US$9,000,000.00 (nine million U.S. dollars), expected to be made in the
third quarter of 2023; and
(ii) A second payment of US$11,000,000.00 (eleven million U.S. dollars), expected to be made
in the third quarter of 2024.
These payments will be borne by the Company using internal resources. The Settlement is final
and was reached without any findings or admissions as to breach or liability; there will be no other
payments made to the complainants in the future relating to this matter.
Chandran Nair, CEO of AEM, said, “We decided on the Settlement so that we can firmly clarify
our competitive position in the market and put this matter behind us. It does not disrupt our
operations, business strategy and our product offerings”.
