MT. PROSPECT, Ill.—ISCO International Inc., a global supplier of interference-control solutions for the wireless industry, has settled a lawsuit and obtained additional financing, the company said on Wednesday.
The company has settled for $4.925 million the previously announced $6.5 million judgement obtained against ISCO by Craig Siegler.
Elliott Associates L.P. and Alexander Finance L.P. are loaning ISCO a total of $9.425million in non-convertible secured notes due March 2003 bearing interest of 14 percent per year. ISCO may repay these notes at any time without premium.
“These are challenging times in the capital markets, so we are fortunate to enjoy the confidence of two major financial institutions, with billions of dollars of capital. I am also pleased that we have put the Siegler matter behind us,” said George Calhoun, ISCO’s chief executive officer.
ISCO has patented a product that suppresses in-band interference within 20 milliseconds and offers the widest range of configurations for out-of-band interference solutions. ISCO was delisted from the Nasdaq in 1999.
