Innovative Solutions & Support, Inc. Announces Settlement of Lawsuit
February 23 2017 - 12:00PM
Business Wire
Innovative Solutions & Support, Inc. (“IS&S”) today
announced a settlement of its previously disclosed lawsuit with
Delta Air Lines, Inc. (“Delta”). The lawsuit related to Delta’s
October 2014 termination of a contract for IS&S to develop and
install new cockpit displays and an upgraded flight management
system with RNP, RTA, and GPS capabilities on Delta’s fleet of
McDonnell Douglas 88 and 90 aircraft.
Under the terms of settlement, Delta will pay IS&S $7.75
million. The parties have further agreed to dismiss their
respective claims and counterclaims against each other and to
exchange releases, bringing the lawsuit to an end.
About Innovative Solutions & Support, Inc.
Headquartered in Exton, Pa., Innovative Solutions & Support,
Inc. is a systems integrator that designs and manufactures flight
guidance and cockpit display systems for Original Equipment
Manufacturers (OEMs) and retrofit applications. The company
supplies integrated Flight Management Systems (FMS) and advanced
GPS receivers for precision low carbon footprint navigation.
Certain matters contained herein that are not descriptions of
historical facts are “forward-looking” (as such term is defined in
the Private Securities Litigation Reform Act of 1995). Because such
statements include risks and uncertainties, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause results to
differ materially from those expressed or implied by such
forward-looking statements include, but are not limited to, those
discussed in filings made by the Company with the Securities and
Exchange Commission. Many of the factors that will determine the
Company’s future results are beyond the ability of management to
control or predict. Readers should not place undue reliance on
forward-looking statements, which reflect management’s views only
as of the date hereof. The Company undertakes no obligation to
revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170223006236/en/
Innovative Solutions & Support, Inc.Relland WinandChief
Financial Officer610-646-0350rwinand@innovative-ss.com
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