FGI's exclusive distribution agreement with supplier Huida terminated by arbitration ruling

FGI Industries Ltd.

Arbitrator ruled Co-Operation Agreement with Tangshan Huida Ceramic Group is terminable; exclusive rights ended.
No termination fees or penalties payable by FGI; the company paid certain arbitration fees of Huida.
Huida remains a supplier for sanitaryware; FGI will seek new agreement with limited duration, no guarantee of terms.
Agreement had granted FGI exclusive distribution in US/Canada for Huida-designed products and restricted Huida's ability to manufacture FGI's designs.

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