BURNABY, BC, May 24, 2011 /CNW/ - Photon Control Inc. ("Photon Control")
(TSX-V: PHO), a leading developer of innovative measurement technologies, announces
settlement of the two law suits with Azbil North America, Inc.
("Azbil") and Yamatake Corp. ("Yamatake") filed in the United States,
originally announced on September 22, 2010.
Photon Control filed suit against Azbil in California state court, and
against Azbil's parent, Yamatake Corp., in federal court in
California. The disputes related to Photon Control's proprietary and
trade secret fiber optic temperature sensor technology. Photon Control
asserted, among other things, that Azbil and Yamatake had
misappropriated the trade secrets of Photon Control. Photon Control
has now resolved its disputes with Azbil and Yamatake and both
litigations have been dismissed without prejudice.
The parties have agreed to continue their working relationship and have
entered into a new agreement with the expectation that all parties
involved will benefit from continued cooperation in the development and
supply of fiber optic temperature sensors to their customers throughout
the world. Photon Control will continue to provide products and
technical support and assistance in the area of optical temperature
sensors to both Azbil and its customers. Moreover, the parties have
agreed to work together to develop and protect their intellectual
property in the area of optical temperature sensors.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. commercializes and develops innovative measurement
technologies specializing in Oil & Gas, Semiconductor, Power and
Manufacturing industries world wide. Photon Control's products have
competitive advantages in both performance and cost. Photon Control's
mission is to preserve and improve human life through the creation of
innovative measurement technologies. Headquartered in Burnaby, BC,
Photon Control Inc is listed on the TSX Venture, trading under the
symbol ''PHO." Additional information about the company can be found at
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Photon Control Inc.
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