Sunovia Energy Technologies Inc. and EPIR Technologies Inc. (and affiliates) have settled the litigation between them that arose in August 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, according to the companies.
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 cadmium-telluride 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,’ says Art Buckland, Sunovia's CEO." If the solar technology can be developed and commercialized, our shareholders will share equally in those gains.’