Updated-ITEQ and Isola Joint Announcement
CHANDLER, ARIZONA, April 14, 2010 – On February 5, 2010, Isola USA Corp. and ITEQ Corp. signed a settlement agreement to end all litigation between the two companies. In the settlement agreement that has been designated highly confidential, ITEQ agreed to pay a royalty to Isola on the global sales of ITEQ’s Halogen – containing low loss products through the life of the ‘414 Patent and corresponding global patents.
In consideration for the royalty, Isola grants ITEQ the right to manufacture, sell, use, and otherwise dispose of Halogen containing low loss products, such as IT-200LK or similar products worldwide. The settlement agreement specifically allows ITEQ to market and sell its Halogen -containing low loss products freely, so long as the chemical formulation of the products conforms to one specific confidential restriction, with no other chemical limitation. ITEQ and Isola had agreed to work with each other closely to ensure the terms in the settlement agreement are followed properly. And as long as the terms in the settlement agreement are properly followed, neither side has the right to terminate the settlement agreement. And as stated previously, both ITEQ and Isola are pleased that a settlement can be reached and that the outcome is not only beneficial for both companies, but also the industry.
14 April 2010