SC&T International Inc. Reaches Settlement with Maxiswitch Inc., and Silitek Corp.
Business Wire - April 06, 1998 09:45
%SCT-INTERNATIONAL SCTI %ARIZONA %COMED %COMPUTERS %ELECTRONICS %ENTERTAINMENT %INTERACTIVE %MULTIMEDIA %INTERNET V%BW P%BW
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 6, 1998--SC&T International (OTC BB:SCTI) Monday announced that it had reached a settlement agreement on its legal action with Maxiswitch, Silitek and Lite On Peripherals Inc., for the breach of contract and misappropriation of proprietary technology suit tried in 1997.
SC&T was awarded a total of $3 million through a court ruling reached in May of 1997. The settlement reached between the parties amounted to $1,825,000.
Jamie Copland, chairman and chief executive officer for SC&T International Inc., stated, "It's time to move on and focus on the revenue opportunities for current and new products under development. The settlement will allow the company to focus on the future.
"It will increase operating capital and allow the company to address our primary objective; entering the upcoming 1998 Christmas selling season with new products and the funds to support the company's marketing objectives."
Greg Good, corporate counsel for SC&T added, "Although SC&T's position on appeal was strong because the verdict came from a jury, it is not unusual that companies like SC&T choose to eliminate the risk and make the business decision to settle and move on. I think the settlement affirms the value of SC&T's innovative keyboard technology, and the power of the American jury system."
SC&T International Inc. is a rapidly growing company that develops and markets innovative products for the computer and video game industries under its Platinum Sound(R), Per4mer(R), and ULTIMATE Per4mer(R), brand names.
The line includes subwoofer and speaker enhancement systems, and a variety of video arcade racing wheels and game controller products. SC&T has operations in the United States, Canada, Asia, Europe and the United Kingdom. For more information, visit our web site at www.platinumsound.com.
CONTACT: SC&T International Inc., Scottsdale
Jamie Copland, 602/368-9490
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