Islet Holdings, Inc. Continues With Pursuing Damages in Federal Court
March 26 2015 - 8:11AM
Islet Holdings, Inc. (OTC:ISHI) ("the Company")
previously announced that in August 2012, the Company and its
subsidiary filed a complaint in Federal District Court for the
District of Utah against Islet Sciences, Inc., a publicly-held
company trading under the symbol "ISLT", and several individuals
intimately involved with Islet Sciences. The complaint is related
to the Company's prior work and development in the type 1 diabetes
treatment industry.
The Company was forced to file suit in 2012 to protect the
patents and other intellectual property it acquired in 2009.
Despite intermittent settlement discussions, the matter remained
unresolved and the Company as this year began continued to devote
resources and efforts to protect its patents and other intellectual
property.
Pursuant to a hearing held on February 24, 2015, the Federal
Court ruled on various matters affecting the case. The Court's
rulings acknowledge merits of the Company's case against Islet
Sciences for its attempt to misappropriate the Company's
intellectual property as its own. The Court ordered that the case
go forward as to two causes of action, and asked for clarification
regarding the scope of some of the Company's claims. As allowed by
the Court, the Company will file an amended complaint by the end of
this month. Furthermore, pursuant to indications from the Court,
the Company reasonably expects the case to move forward from this
point on an expedited basis.
In addition to declaratory relief, the Company currently seeks
damages exceeding $ 6 million. The Company is pleased with the
Court's rulings and remains confident in its claims.
Release Note: Except for historical information, all of the
statements, expectations and assumptions contained in the foregoing
are forward-looking statements. The realization of any or all of
these expectations is subject to a number of risks and
uncertainties and it is possible that the assumptions made by
management may not materialize.
Safe Harbor Statement:
This release includes forward-looking statements. These
forward-looking statements generally can be identified by phrases
such as ISHI or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe the Company's business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
CONTACT: Islet Corporate Information at 303-587-1435
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