News Article
Sunovia and EPIR bury the hatchet
The firms will benefit equally from a jointly developed solar patent related to CdTe solar technology. Contracts between the companies relating to the joint development of CdTe solar technology are terminated without further obligation.
Sunovia Energy Technologies and EPIR Technologies and affiliates have settled the litigation between them that arose in August of 2010.
The terms of the settlement provide that Sunovia and EPIR will share equally in the revenues from the jointly developed solar patent 12/261,827 published in 2010. In addition, each company will return to the other certain shares issued in the course of their venture, and the contracts between them relating to the joint development of CdTe solar technology are terminated without further obligation on the part of either company.
"It is important to Sunovia to resolve this dispute and move ahead with its LED outdoor lighting business," said Art Buckland, Sunovia's CEO. "If the solar technology can be developed and commercialised, our shareholders will share equally in those gains. Meanwhile, both Sunovia and EPIR can move forward with their respective businesses without the ongoing cost and risk of this litigation."
"We are eager to move ahead with other projects," said Siva Sivananthan, CEO of EPIR, "and to eliminate the distraction from our primary business and the expense the lawsuit creates for our company and shareholders. Both companies have worked very hard to come to a resolution that is fair for all."
