Velocite Tech Co Ltd, trading as Velocite Bikes has today formally withdrawn sponsorship from Australian Road Cycling Pty Ltd (ABN: 72 128 737 002) due to non-payment of long outstanding invoices.
The last attempt to settle the dispute failed after a representative of the Taiwanese Economic and Cultural Office in Sydney, Australia attempted to mediate the situation with Dr Claudio Bozzi, ARC’s director and legal council. Dr Bozzi, and other Australian Road Cycling representatives were unreachable and did not return the phone calls for a 10 day period while the formal mediation effort lasted.
After repeated attempts since the end of August 2010 to encourage Australian Road Cycling to comply with the terms of the sponsorship agreement, and extending favourable debt repayment terms, Velocite Tech. Co Ltd was today forced to file a formal trade dispute complaint with the Taiwanese Economic and Cultural Office in Canberra and seek direct debt recovery assistance.
Velocite Tech. Co Ltd. Will pursue the recovery of the money owed by Australian Road Cycling using all available legal avenues.
Founded in 2008, Velocite is firmly dedicated to making high performance bicycles, bicycle frames, wheels and components. Velocite is a company focused on achieving engineering excellence where the first and foremost priority is to apply the relevant engineering and scientific principles when developing new products in order to deliver the best riding experience. Additionally, the company is also committed to grass-roots cyclist development and has since 2009 run a sponsorship program for amateur cyclists worldwide.