Eclipse Releases Claim Against Company, Receives Stock

Late Friday night, representatives with Aspen Avionics told ANN it has reached a favorable resolution of its litigation with Eclipse Aviation.

"We are happy to have this matter with Eclipse behind us," said Peter Lyons, Aspen Avionics Co-Founder and CEO. "This settlement frees us from the distraction and expense of litigation, and allows us to focus on developing new, breakthrough products for the General Aviation market."

As Aero-News reported, Eclipse filed suit in October 2006 against Lyons and Aspen co-founder Jeff Bethel, claiming the men developed the AT300 Hazard Awareness Display (shown above) while they were still employed at Eclipse. Bethel and Lyons claimed they worked with other engineers to develop the AT300 in 2001, and submitted the device for FAA certification in March 2002. The men were hired by Eclipse later that year.

Under the settlement agreement, Eclipse releases Aspen from any and all claims that were or could have been asserted regarding the company's co-founders' past employment at Eclipse, and assigns any rights under their competing patent application. Aspen will provide Eclipse with a one-percent common stock interest in Aspen, making them a beneficiary of the company's future success.

Bethel, who also serves as Chief Technology Officer at Aspen, says resolution of the lawsuit removes a cloud hanging over Aspen. 

"All eyes are on the horizon now," Bethel said. "Our R&D is in full swing, and we can devote all our efforts to building avionics systems that make aircraft safer and easier to fly."

"We are thrilled to be a part of the emerging aviation industry hub here in Albuquerque (NM), alongside Eclipse Aviation." said Lyons.

FMI: www.aspenavionics.com, www.eclipseaviation.com