PHOENIX-Cellexis International Inc. dismissed its $525 million trade secret lawsuit against GTE Corp., its subsidiaries and Open Development Corp.
The company sued GTE and ODC in April claiming theft of Cellexis’ technology for a system allowing cellular telephone customers to buy airtime in advance. Cellexis now says GTE immediately provided clear and convincing evidence that it had developed its cellular telephone debit card system independently from any information supplied to it by Cellexis.
Cellexis Chief Executive Officer Douglas Fougnies has apologized to GTE and his company has agreed to pay GTE damages and compensation for litigation costs, the company said.
