CALGARY, Alberta-Cell-Loc Inc. has reached a settlement agreement with an unidentified party, concluding a $1.9 million litigation action. Under the agreement, Cell-Loc issued the party 750,000 common shares.
“Of the various lawsuits that were brought against Cell-Loc in the aftermath of the severe retrenchment of the company’s activities due to the downturn of the high-tech market, all have now reached a final and acceptable resolution from the company’s perspective,” said Sheldon Reid, Cell-Loc’s president and chief executive officer.
Last week, Cell-Loc announced another settlement, ending the $46 million litigation action initiated by Aimtronics Corp. against Cell-Loc and Michel Fattouche, former CEO of Cell-Loc. Under the agreement, Cell-Loc will pay $2.5 million, due and payable in two years, to take ownership of finished network inventory from Ansen Corp., the assignee of the Aimtronics interest in the claim.
