The settlement brings to a close Preservation Sciences' patent infringement case with PPLLC. Preservation Sciences also announced that its other lawsuit concerning PPLLC was settled this past summer as a result of mediation.
Terms of the company's patent infringement lawsuit settlement were not disclosed. Preservation Sciences said that it plans to continue to improve on existing proprietary preservation technologies while at the same time researching entirely new technologies in the preservation field. The company has sought and obtained protection of its intellectual properties in the past, and Preservation Sciences said that it will continue to aggressively protect these important assets.
"Our settlement is a major milestone for Preservation Sciences, as it lays to rest for good one of the thorniest issues from our past," said Gary Harrison, chairman and chief executive officer of Preservation Sciences. "With this legal issue now fully behind us, we can focus with greater intensity on continuing to improve our financial performance, develop new preservative technologies, and improve shareholder value.
"We have a top-notch Research and Development team with extensive experience in the food, beverage and industrial fields, and our objective is to develop and commercialize one new preservative product for each of these three target markets in 2004. Today's announced settlement will allow our shareholders to benefit from the new preservative technologies we develop and market without any concern over legal issues with PPLLC."
US-based Preservation Sciences researches, manufactures and markets preservative products. It focuses on developing, manufacturing and marketing NuPreserv 2000, a preservative that extends the shelf life of food products and beverages.