CDEX acknowledges the validity of ASD’s patent
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Press Release Source: CDEX Inc.
CDEX INC and ASD Enter into Settlement Agreement
Friday September 29, 5:00 pm ET
Paves way for Order of Dismissal by the Court
ROCKVILLE, Md.--(BUSINESS WIRE)--CDEX Inc. (OTCBB:CEXI - News) and Analytical Spectral Devices, Inc. announced today that they entered into a settlement agreement with regards to Civil Action No. 06-CV-426-RDB-CBS that was pending before the U.S. Federal District Court in Denver, Colorado. As part of the Settlement Agreement, CDEX has been fully licensed under ASD's patent for liquid pharmaceuticals. CDEX acknowledges the validity of ASD's patent and such acknowledgement shall continue for as long as the license remains in effect. In consideration of the settlement agreement, both parties have agreed to dismiss their respective claims against each other. The terms and conditions of the settlement agreement are otherwise confidential.
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"We believe the settlement agreement is fair and equitable to both parties and preserves the right of both companies to continue to develop and practice their respective intellectual property," said Jim Griffin, CDEX President and CEO.
"We believe the settlement agreement is fair and equitable to both parties, and we are pleased that the validity of ASD's patent has been recognized," said Dave Rzasa, ASD CEO and President.
About CDEX Inc.
CDEX Inc. is a technology development company with a current focus on developing and marketing products using chemical detection and validation technologies. At present, CDEX is devoting its resources to two distinct areas: (i) and quality assurance (e.g., validation of prescription medication and detection of counterfeit or sub-par products for brand protection). ValiMed is one line of CDEX products for the healthcare market; and (ii) identification of substances of concern (e.g., illegal drugs for law enforcement in the homeland security market) CDEX is headquartered in Rockville, Maryland with its research and development laboratory in Tucson, Arizona. For more information, visit www.cdex-inc.com.
Any statements made in this press release which contain information that is not historical are essentially forward-looking. Many forward-looking statements can be identified by the use of words such as "expects," "plans," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks are detailed from time-to-time in filings with the Securities and Exchange Commission. There is no obligation to publicly update any forward-looking statements.
Contact:
CDEX Inc.
Jerry Blair, 301-881-0080
jblair@cdex-inc.com
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Source: CDEX Inc. |
