July 16 (Reuters) - Bluechiip Ltd BCT.AX :
* LABCON NORTH AMERICA PROVIDED NOTICE TO CO PURPORTING TO TERMINATE CHIP SUPPLY AGREEMENT
* CONSIDERS THAT TERMINATION IS UNLAWFUL
* LABCON ALSO ASSERTED IN ITS CORRESPONDENCE A CLAIM FOR DAMAGES IN REGION OF US$500,000
* ASKED LAWYERS TO PURSUE ALL RIGHTS, INCLUDING RECOVERY FROM LABCON OF AN OUTSTANDING BALANCE OF US$3.5 MILLION