"No hard feelings, but we do want to be compensated -- nothing more, nothing less," says the label.

Earlier this month Martin Garrix released a statement saying the ongoing dispute over his music's ownership rights with Spinnin' Records had been settled, but acknowledged that there were other outstanding disagreements will still be "subject of further legal proceedings." Now Spinnin' Records has released a statement stating it will be pursuing legal action against Garrix and why.

In the statement, as Dancing Astronaut reports, Spinnin' Records clarifies that what Garrix (real name Martijn Garritsen) meant by those matters subject to "further legal proceedings" will be a lawsuit to determine the financial compensation due to the label and Music All-Stars (MAS) management from the superstar DJ, since their original agreement was "unilaterally terminated by Martijn Garritsen."

Martin Garrix & Spinnin' Records Settle Lawsuit Over Music Ownership Rights

"MAS would take care of management until at least 1 July 2017. And Spinnin' Records would exclusively release and exploit all tracks of Martijn Garritsen until that date," the Spinning' Records states in its explanation of background information on the dispute with Garrix. "As this is not happening anymore, Spinnin' Records as well as MAS will lose lawful income. No hard feelings, but we do want to be compensated -- nothing more, nothing less. That is part of a decent and professional settlement of what was a successful relationship."

The statement continues to say that the companies had attempted to re-negotiate contracts with Garrix over the course of this year but the parties were unable to meet on new, agreeable terms.

Martin Garrix Sues Ex-Manager: Report

It also confronts "improper arguments" that were were used to "put pressure on the discussions," noting Garrix's allegations of fraud, disagreeing with this sentiment. (In a lawsuit against Spinnin' Records CEO, Eelko van Kooten, Garrix's former manager, the artist claimed he was provided "false and misleading information" during his signing to the label and management company.) Spinnin' Records states Garrix and his "experienced business man" father were always free to use legal counsel in their negotiations.

"Martijn Garritsen, his father Gerard Garritsen, a very experienced business man, and their team have always let themselves be advised, have widely researched the market and shopped around for deals and always had time and room for negotiation to come to well considered decisions. Moreover all agreements have been negotiated in detail and were also signed by father Gerard Garritsen. The years of cooperation have always went well and brought success to all parties until the end."

Martin Garrix Leaves Spinnin' Records and MusicAllStars Management

Mostly, the Spinnin' Records statement asserts its own financial investment and hard work in building Garrix's profile as one of the world's leading DJs and feels it should be rewarded for that per the terms of their initial agreement.

"We do not blame Martijn Garritsen, but this does not mean that he could unilaterally end or nullify all existing contracts," the statement reads. "Contracts are contracts and need to be respected."

Read it in full here.