JUSTFOG Official Response: JSTE's Liquidation is for Self-Protection after Serious Violations

Statement:

This announcement is from the official website of JUSTFOG. 2FIRSTS is dedicated to industry research and sharing more industry information. Readers are encouraged to evaluate the information and opinions presented in the article on their own.

On the evening of June 3rd, JSTE Electronics Technology (Dongguan) Co., Ltd. announced that its original main foreign client, JFT Co., Ltd., maliciously unilaterally terminated the contract and maliciously delayed payment, resulting in the target company incurring a loss of over 60 million yuan. The target company faced severe difficulties in operation and management, and ultimately decided to proceed with voluntary liquidation. (For more information, see 2FIRSTS report: JSTE Electronics Technology (Dongguan) Co., Ltd. announces voluntary liquidation)

On the afternoon of June 5th, JFT Co., Ltd. issued a statement on its official website for the brand "JUSTFOG" in response to the matter. Here is an overview of the main points.

• JustFog Technology (JFT) has accused JSTE Company of defamation and will pursue legal action. 
• JFT terminates its partnership with JSTE Company after discovering that key personnel, including Mr. Liu and Mr. Ge, had established related companies to inflate prices of raw materials and sell counterfeit products using the "JUSTFOG" registered trademark in violation of fair business practices. 
• JSTE Company's dissolution is due to their actions of selling counterfeit e-cigarettes with the registered trademark to foreign customers outside of the e-cigarette trading platform after terminating their partnership with JFT, which led to criminal investigation unrelated to JFT. 
• In order to prevent further losses for JSTE Company's creditors, we would like to inform all creditors that we have not defaulted on any payments to JSTE Company, and advise against falling for any deception tactics.

The original text is: 

A Letter to Creditors of Jiasite Technology (Dongguan) Co., Ltd.

 

Jiaste Technology (Dongguan) Co., Ltd. creditors, our company noticed an article titled "Jiaste Electronic Technology (Dongguan) Co., Ltd. self-liquidation announcement" on e-cigarette public accounts and other online platforms on June 4, 2024 Beijing time. The announcement contained defamatory statements against our company, alleging that "due to the malicious unilateral termination of contracts and malicious withholding of payments by our main foreign client, JFT Corporation, causing the company to incur losses exceeding 60 million yuan, the company has encountered severe operational difficulties." (quote from excerpt of "Jiaste Electronic Technology (Dongguan) Co., Ltd. self-liquidation announcement")

 

The false rumors spread rapidly on the internet after being reposted by some media outlets, causing a negative impact. The actions of Jiaeste Company have constituted defamation, and we will pursue legal action against them. In order to clear our name, we are writing to the creditors of Jiaeste Company as follows:

 

During our cooperation with JSTE Company, we have always upheld the principle of good faith cooperation and fulfilled the relevant provisions in both parties' contract as agreed.

 

Our company has terminated the partnership with JSTE Company due to the discovery that the actual controllers Liu X, Ge X, and other senior executives have privately established related companies to inflate raw material procurement prices and sell counterfeit products with the "JUSTFOG" registered trademark, which has gone against the principles of ethical cooperation and legality.

 

The main reason for the dissolution of JSTEE Company this time is that after we terminated cooperation with them, they resorted to selling counterfeit e-cigarettes with registered trademarks to foreign customers through circumvention of the e-cigarette trading platform, leading to their self-preservation actions in response to criminal investigations, which are unrelated to our company.

 

In order to prevent further losses for the creditors of Jest Company, we would like to inform all creditors that our company does not owe any money or other cooperation funds to Jest Company. Please do not be deceived.

 

Please publish, repost, or circulate any misleading information related to the subject promptly delete all content suspected of infringement, and stop all actions such as forwarding and commenting that may lead to the spread of such misleading information, in order to prevent further harm.

 

Thank you all for your attention and support for our company!!!

 

JFT Corporation

 

June 4, 2024

2FIRSTS will continue to monitor and follow up on this event, so stay tuned.

Click on the texts or images to read: "Beware of e-cigarette industry debt risks: How does the operational dilemma of a single enterprise affect the entire industry chain?"