Aug 15 2008
Memry Corporation , an American Stock Exchange listed company focused on high-value engineering of nitinol-based and polymer-based next generation products for the medical device industry, announced today that it has entered into a settlement agreement and mutual release in connection with the Memry Corporation v. Kentucky Oil Technology, N.V., et al. litigation.
In consideration for the settlement agreement and mutual releases of all actions, Memry has paid $3,500,000 and assigned its rights to certain disputed intellectual property and its rights to receive certain royalty payments in connection with the disputed intellectual property to Kentucky Oil Technology, N.V., a Netherlands corporation. Memry also entered into settlement agreements and mutual releases with with other parties involved in the litigation, which do not provide for any payment obligations by any party to any other.
In connection with the settlement agreements, Memry and SAES Getters have agreed to amend the merger agreement entered into on June 24, 2008 to permit Memry to enter into the settlement agreements. The amendment also increases the price per share that Memry shareholders will be entitled to receive for each share of Memry common stock upon the closing of the merger from $2.51 per share to $2.53 per share.
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