BR-111 Appeals $1.6 Million Arbitration Award

Miami, FL, Dec. 16, 2010 -- BR-111 said it is appealing a decision by an arbitration panel that awarded payment of nearly $1.6 million to exotic wood firm Triangulo related to unpaid invoices.

BR-111 said it filed a petition in federal court to vacate the ruling, claiming that Triangulo sold BR-111 deficient product, resulting in BR-111 paying out $1.6 million in claims.

BR-111 said contractually Triangulo is required to reimburse BR-111 for those costs but it has not received payment. BR-111 said it withheld payment of invoices until the dispute was settled.

“We are saddened by the fact that what was once a flourishing relationship for both parties has come to this, and are eager to work with Triangulo to rectify this matter in a timely manner,” said Ricardo Moraes, president of BR-111 Exotic Hardwood Flooring, in a press release.

BR-111 said it severed ties with Triangulo back in 2008 when the dispute arose and has not been trading with Triangulo or distributing any product under the Triangulo, trademark since then, contrary to claims by Triangulo.