Core Wafer Systems finalizes settlement with Sandia Technologies and completes merger into WAFR
Core Wafer Systems finalizes settlement with Sandia Technologies and completes merger into WAFR
"A positive step forward for Core Wafer as they put behind them the Intellectual Property lawsuit going on with Sandia Technologies - a mutual agreement has been reached and the lawsuit is now history.
NEW YORK, Sept. 21, 2012 /PRNewswire/ 08:00 ET -- COREwafer Industries, Inc. (OTC Pink: WAFR) reports that the acquisition of Core Wafer Systems, a technology leader in semiconductor testing, will soon be completed. Core Wafer Systems has reached a settlement agreement related to the intellectual property lawsuit with Sandia Technologies. Although Core Wafer Systems believes that it would have ultimately prevailed in the lawsuit, the company has chosen to settle and not continue the litigation.
This settlement puts to rest the ownership issues of the intellectual property arising from Core Wafer's purchase agreement of Sandia Technologies and gives Core Wafer Systems complete transfer of Sandia Technologies rights and ownership of all intellectual property in question. COREwafer Industries can now move quickly ahead with the filing of paperwork with state and regulatory bodies regarding its acquisition of Core Wafer Systems that were previously on hold, pending this settlement.
Roger Goetz, CEO of Core Wafer Systems welcomes the settlement and expresses, "Now that we have moved beyond these IP issues, we can work toward finalizing the internal projects that were awaiting this settlement. Inside of Core Wafer, we have been moving forward with advances within this same intellectual property space, and I believe that our customers will find great value with these advances. I'm looking forward to the filing of the final paperwork related to the acquisition process by COREwafer Industries, Inc."
Gary Polistena, CEO of COREwafer Industries also comments on these latest developments, "Clearing up all of these outstanding issues has been one of our top priorities," states Gary Polistena. "We needed to be sure that all legal obstacles were eliminated related to this transaction, and as they are now resolved, we can now issue stock to Core Wafer Systems and execute and file the merger certificates for the acquisition of Core Wafer Systems. We're working very hard behind the scenes to execute on our announced plans, and we will continue to keep our shareholders updated as we can. Due to specific non-disclosure requirements, we have been unable to notify shareholders of all issues impacting the company; however I am glad that many have stayed with us throughout the acquisition process. We continue to keep our filings and financials current and will continue forward with seeking listing on a higher exchange as discussed.""... (more)
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