Tel-Instrument Electronics Corp. Announces $2.8 Million Adverse Jury Verdict in Kansas Aeroflex Litigation
May 09 2017 - 2:19PM
Business Wire
In the trade secret misappropriation case filed by Aeroflex
Wichita, Inc. in 2009 against Tel-Instrument Electronics Corp.
(“Tel”, or the “Company”) (NYSE MKT:TIK) in Kansas state district
court., after a 6-week trial, today the jury rendered its verdict.
The jury found no misappropriation of Aeroflex trade secrets but it
did rule that the Company tortiously interfered with a prospective
business opportunity and awarded damages of $1.3 million. The jury
also ruled that Tel tortiously interfered with Aeroflex’s
non-disclosure agreements with two former Aeroflex employees and
awarded damages of $1.5 million. The jury also found that the
former Aeroflex employees breached their non-disclosure agreements
with Aeroflex. The court will conduct further hearings in the next
few weeks which will include a punitive damages claim as well as
our existing motion that the Kansas court lacks personal
jurisdiction.
Jeffrey C. O’Hara, the Company’s President and CEO, stated
“After participating in the Kansas trial for the last six weeks, I
am both surprised and disappointed with the jury verdict. These
damages were awarded despite the fact that the Kansas jury found no
trade secret misappropriation. We are currently assessing
post-trial motions and an appeal.”
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of
avionics test and measurement solutions for the global commercial
air transport, general aviation, and government/military aerospace
and defence markets. Tel-Instrument provides instruments to test,
measure, calibrate, and repair a wide range of airborne navigation
and communication equipment. For further information please visit
our website at www.telinstrument.com.
This press release includes statements that are not historical
in nature and may be characterized as “forward-looking statements,”
including those related to future financial and operating results,
benefits, and synergies of the combined companies, statements
concerning the Company’s outlook, pricing trends, and forces within
the industry, the completion dates of capital projects, expected
sales growth, cost reduction strategies, and their results,
long-term goals of the Company and other statements of
expectations, beliefs, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts. All predictions as to future results
contain a measure of uncertainty and, accordingly, actual results
could differ materially. Among the factors which could cause a
difference are: changes in the general economy; changes in demand
for the Company’s products or in the cost and availability of its
raw materials; the actions of its competitors; the success of our
customers; technological change; changes in employee relations;
government regulations; litigation, including its inherent
uncertainty; difficulties in plant operations and materials;
transportation, environmental matters; and other unforeseen
circumstances. A number of these factors are discussed in the
Company’s previous filings with the U.S. Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release. The safe harbour
for forward-looking statements contained in the Securities
Litigation Reform Act of 1995 (the “Act”) protects companies from
liability for their forward-looking statements if they comply with
the requirements of the Act.
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version on businesswire.com: http://www.businesswire.com/news/home/20170509006477/en/
Tel-Instrument Electronics Corp.Joseph P. Macaluso, (201)
933-1600orInstitutional Marketing Services (IMS)John Nesbett or
Jennifer Belodeau(203) 972-9200jnesbett@institutionalms.com
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