Simula, Inc. (NYSE:SMU – news) has announced that it has settled its disputes with Autoliv Inc. (NYSE:ALV – news). The pending US litigation and international arbitration proceedings will be dismissed as part of an agreement made between the parties to resolve their legal dispute that commenced in 1998. The proceedings centered around a license agreement between the parties and allegations of unfair competition, patent infringement and breach of contract.
Under the settlement, the parties agreed that Autoliv would pay certain consideration to Simula and each party would grant the other certain nonexclusive technology rights. Neither party admitted any liability, instead opting to focus on existing and potential future business. As part of the agreement, neither party may disclose the terms of the settlement.
“The agreement is a positive result for Simula and represents a good opportunity for future mutual cooperation,” said Brad Forst, CEO. “This settlement enables us to capitalize on certain opportunities and to move the Company forward. It further allows Simula to focus on its technology, manufacturing, and marketing efforts and concentrate on the business of providing state-of-the-art automotive safety systems.”
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements that involve risks and uncertainties that may cause actual results to differ materially from those which are anticipated. These forward-looking statements include statements about future business and profitability. Actual results and trends may differ materially from those projected. Additional risks include those described herein and in the Company’s registration statements and periodic reports filed with the U.S. Securities and Exchange Commission.