Proview has now been granted 100 million yuan ($14.95m) in funding so it can to launch an LED lighting and bio-energy firm. The bankrupt company got US$60m in a settlement from Apple following a legal dispute over use of the iPad trademark and refusing to pay its legal team. Despite being US$400 million in debt.
Chinese site, Sina (translation) reports that Proview founder Yang Rongshan told reporters that Proview Group had accepted investment of 100 million yuan to set up a new subsidiary specialising in LED lighting and bio-energy power.
According to the report, this isn’t the first time Proview has entered the lighting business. In 2008 the company received US$15.5 million investment to set up a subsidiary company called The Proview Photoelectric Lighting Company in Shenzhen. That business was suspended when Proview was declared bankrupt.
In response to questions about Proview’s US$400 million debt, Yang Rongshan said that the new Proview Gorup is a brand new enterprise, and has no relationship with the Shenzhen Proview, according to Sina’s report.
The dispute between Apple and Proview over the rights to the name iPad in China stems from Apple believing that it bought the iPad trademark rights from Proview in 2009, however it was a subsidiary of Proview in Taiwan. The Shenzhen-based Proview didn’t attend any trademark negotiations with Apple, or formally transfer the trademark rights, meaning the contract is not legally binding.