16 May 2011

Sunovia and EPIR settle lawsuit

Sunovia Energy Technologies Inc of Sarasota, FL and EPIR Technologies Inc of Bolingbrook, IL, USA and its 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 published in 2010. In addition, each firm 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 (CdTe) 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 [EvoLucia Inc],” says Sunovia’s CEO Art Buckland. “If the solar technology can be developed and commercialized, our shareholders will share equally in those gains. Meanwhile, both Sunovia and EPIR can move forward with their respective businesses without the ongoing cost and risk of this litigation,” he adds.  

“We are eager to move ahead with other projects and to eliminate the distraction from our primary business and the expense the lawsuit creates for our company and shareholders,” comments EPIR’s CEO Dr Siva Sivananthan (director of the Microphysics Laboratory at the University of Illinois at Chicago), who founded EPIR in 1998, focused on developing infrared materials for the US military and on research for the defense industry in infrared imaging technology based on mercury cadmium telluride (HgCdTe, or MCT). The same technology forms the foundation for EPIR’s development of photovoltaic cells. “Both companies have worked very hard to come to a resolution that is fair for all,” Sivananthan adds. 

See related items:

Sunovia accuses EPIR of fraud, misappropriation of funds and non-performance

Sunovia and EPIR in contract dispute

Tags: Sunovia CPV CdTe solar cells LEDs

Visit: www.epir.com

Visit: www.sunoviaenergy.com