Sat, Feb 03, 2007
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.
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