Semiconductor Laser International Settles Dispute With Former Officer/Director
BINGHAMTON, N.Y.--(BUSINESS WIRE)--Dec. 2, 1997--Semiconductor
Laser International Corp. (SLI) (NASDAQ: SLIC, SLICW) announced today
that the company has reached a settlement of an outstanding dispute
with Theodore Konopelski, a former officer and director of the
company.
As part of the settlement agreement of Dec. 1, 1997, SLI will
pay to Konopelski $140,000 without acknowledging any fault or
liability. In return, Konopelski has agreed to keep and maintain
secret the confidential business information of SLI. Konopelski has
further agreed to remain bound by his fiduciary duties as a former
officer and employee of SLI.
Dr. Geoffrey T. Burnham, president and CEO of SLI said, "We are
pleased with this outcome and now that this matter is behind us, we
can move forward without the distraction presented by his lawsuit."
Konopelski had claimed that SLI breached an employment agreement
when he was fired in August of 1996. Through a legal arbitration
proceeding, brought by Konopelski against the company, damages were
sought in excess of $500,000, in addition to reimbursement of his
legal and other fees.
--30--kvc/ny* tr/ny
CONTACT:
Semiconductor Laser International Corp.
Richard Anderson, 607/722-3800
sli@spectra.net
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