On June 6th at noon, Mr. Liu Dewen, the head of JSTE Electronic Technology (Dongguan) Co., Ltd., publicly responded to the "Letter to Creditors" released by JFT, stating that the letter contained falsehoods.
The complete response is as follows:
JFT Company confirmed in a December 2021 email that they had acquired a 50% stake in our JSTE factory, but they suddenly changed their minds in September 2022 and decided to sell their stake instead of acquiring it. They officially exited JSTE in January 2023 and received a significant amount of money from the stock transfer.
During the equity exit process, JFT company confirmed the value of over 60 million worth of JUSTFOG brand e-cigarettes under the original processing agreement, but they have been delaying payment and not taking delivery. After several months of dragging their feet, they suddenly notified of the termination of the processing partnership, leaving Jest in a difficult situation.
However, the European agents of JFT company continue to authorize domestic licensed trading companies to request small batches of JUSTFOG branded e-cigarettes for sale. Unfortunately, this led to a criminal charge of trademark infringement by JFT, claiming that the e-cigarettes produced under the original agreement were unauthorized. The malicious intent behind this action is surprising, and this absurdity cannot be justified. Jast company reserves the right to hold the criminal plaintiff accountable for their legal responsibility.
Subsequently, Jast Company employed legal methods such as litigation and arbitration to seek compensation, and successfully obtained an injunction to preserve JFT Company’s registered trademarks (such as JUSTFOG) in China, as well as its fully-owned subsidiary’s bank accounts and patents related to the e-cigarette business in China. The breach of contract case is scheduled to be heard in the near future.
At the same time, Gest also filed a patent confirmation lawsuit to the court. During the cooperation between both parties, JFT appointed a research and development manager who established a labor relationship with Gest, and transferred numerous patents to its wholly-owned subsidiary, severely infringing on Gest's rights.
As a leading media and think tank in the field of atomization technology, 2FIRSTS closely monitors the latest developments on this issue and maintains contact with various parties.
Click on the image to read: "Vape Debt Risk: How can the operational difficulties of a single company affect the entire industry chain?"
Click on the image to read: JSTE Electronic Technology (Dongguan) Co., Ltd. Announces Liquidation
Click on the image to read: "JUSTFOG Official Response: JSTE's Liquidation is for Self-Protection after Serious Violations".
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