BURNABY, BC, Sept. 16, 2016 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, provides an update to the lawsuit commenced in the Supreme Court of British Columbia against Photon Control R&D Ltd. ("Photon R&D") and others announced by news release dated August 23, 2016. On September 1 and 2, 2016, the Company applied to the Supreme Court of British Columbia for interlocutory relief pending trial of the action given certain threats made in writing by Photon R&D in July 2016. In view of that letter and in order to protect the Company's legitimate business interests, the Court issued an oral judgment pending the conclusion of the litigation or other resolution of the matter, directing among other things, the following:
that Photon R&D not dispose of or encumber any of the intellectual property which is contested between Photon Control and Photon R&D other than in the ordinary course of its business; and
that Photon R&D continue to allow Photon Control access to all intellectual property as previously done prior to Mr. Christopher Weston's termination as Chief Executive Officer on June 26, 2016.
"The Company considers this application and its result an important first step in asserting our rightful ownership to our intellectual property," said Michael Goldstein, Chairman and Acting CEO. "Customers depend on Photon Control's products and services as mission-critical to their business and we will continue to take all steps necessary to fulfill and satisfy the needs of our customers and ensuring that there will be no interference in the continuity of our products and services."
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". Additional information about the company can be found at www.photon-control.com/investorrelations.html
This News Release contains "forward looking statements" within the meaning of applicable Canadian securities legislation. Such forward looking statements include, without limitation, statements with respect to the Claim, the Company's assessment of and intentions with respect to the Claim, the unknown outcome of the Claim which is subject to proof at trial, and otherwise concern the business and anticipated financial performance of the Company and the Company's objectives, goals, liquidity, sources of capital, expectations of sales and continued development of technologies and products.
These forward looking statements are based on certain factors and assumptions, including, without limitation, the Company's evidence forming the basis of the Claim; the Company's financial and management resources and ability to pursue the Claim; the Company's ability to successfully complete new purchase orders along the timelines expected; continued and future demand for the Company's products; continued sales to the Company's major customers; and the Company's ability to continue and further enhance revenue diversification and open new market opportunities.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, the Company may not be successful in obtaining the relief sought in the Claim and, therefore, may not have the all of the intellectual property rights and goodwill that it believes that it has and should have, the Company may face other legal action arising from the matters that are the subject of the Claim, additional measures and controls may not be implemented as expected or along the timelines anticipated, risks associated with technical difficulties or delays in product introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; and risks in pursuing additional development projects to support existing customers or pursue other business opportunities.
The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward looking statements. The Company's forward looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, readers should not place undue reliance on forward looking statements. The Company undertakes no obligation to update or revise any forward looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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.
For further information: For Investor Relations Inquiries Please Contact: Helena Rebec, CPIR, Chief Administrative Officer / IR, [email protected], 604.422.8861 Ext 101