Here is some news about ZOLT which is a long time coming....hmmmm!
Zoltek Comments on Positive Development in Patent Infringement Case
ST. LOUIS, Dec 18, 2003 /PRNewswire-FirstCall via Comtex/ -- Zoltek Companies,
Inc. (Nasdaq: ZOLT) today commented on a new development in its lawsuit against
the U.S. Government charging patent infringement in connection with certain
stealth aircraft programs.
In a recently published opinion dated November 26th, the United States Court of
Federal Claims in Washington, D.C. held that Zoltek could proceed against the
government for compensation under the Fifth Amendment "taking" clause. The case,
which has been pending since 1996, involves alleged unauthorized use of Zoltek
carbon fiber processing technology in the manufacture of extremely stealthy
aircraft. Zoltek's patented technology is the base for achieving stealth
properties of the primary aircraft structure.
"The Court held that we are not prevented from pursuing our claim simply because
the carbon fiber materials used in the manufacture of the F-22 fighter plane
program originated outside the United States. This claim will be an addition to
our existing claim for compensation for the unauthorized use of our patented
technology utilized in the B-2 bomber program," noted Zsolt Rumy, Zoltek's
Chairman and Chief Executive Officer.
With this issue settled, Rumy said he expected the litigation to resume. "We
cannot predict the timing or the outcome of this litigation or the financial
impact on the Company," he said.
The forward-looking statements contained in this press release are inherently
subject to risks and uncertainties. Zoltek's actual results could differ
materially from those currently anticipated due to a number of factors,
including the Company's ability to return to operating on a profitable basis,
comply with its obligations under its credit agreements and/or refinance those
obligations, obtain working capital to meet its short-term requirements, operate
its manufacturing facilities at production levels necessary to meet indicated
customer demand, manage its current excess carbon fiber production capacity and
inventory levels, continue investing in application and market development,
manufacture low-cost carbon fibers and profitably market them at decreasing
price points and penetrate existing, identified and emerging markets.
Zoltek is an applied technology and materials company. Zoltek's Carbon Fiber
Business Unit is primarily focused on the manufacturing and application of
carbon fibers used as reinforcement material in composites, oxidized acrylic
fibers for heat/fire barrier applications and aircraft brakes, and composite
design and engineering to support the Company's materials business. Zoltek's
Hungarian-based Specialty Products Business Unit manufactures and markets
acrylic fibers, nylon products and industrial materials.
SOURCE Zoltek Companies, Inc.
CONTACT: Zsolt Rumy, CEO of Zoltek Companies, Inc., +1-314-291-5110
URL: prnewswire.com |
