Sunovia Energy and EPIR Technologies Settle Lawsuit
SARASOTA, Fla. and BOLINGBROOK, Ill., May 13, 2011 /PRNewswire/ — Sunovia Energy Technologies, Inc. (OTC BB: SUNV) and EPIR Technologies, Inc. and affiliates announced today that they have settled the litigation between them that arose in August of 2010. The terms of the settlement provide that Sunovia and EPIR will share equally in the revenues from the jointly developed solar patent 12/261,827 published in 2010. In addition, each company will return to the other certain shares issued in the course of their venture, and the contracts between them relating to the joint development of CdTe solar technology are terminated without further obligation on the part of either company.
“It is important to Sunovia to resolve this dispute and move ahead with its LED outdoor lighting business,” said Art Buckland, Sunovia’s CEO. “If the solar technology can be developed and commercialized, our shareholders will share equally in those gains. Meanwhile, both Sunovia and EPIR can move forward with their respective businesses without the ongoing cost and risk of this litigation.”
“We are eager to move ahead with other projects,” said Dr. Siva Sivananthan, CEO of EPIR, “and to eliminate the distraction from our primary business and the expense the lawsuit creates for our company and shareholders. Both companies have worked very hard to come to a resolution that is fair for all.”
About Sunovia Energy Technologies, Inc.
Sunovia’s LED lighting division, EvoLucia, Inc. (www.evolucialighting.com), offers highly efficient, durable, commercial-grade LED lighting for outdoor applications, including parking garages, streets and highways, parking lots, landscaping and more. The Aimed LED lights employ EvoLucia’s proprietary, patent-pending Aimed Optics(TM) technology, which strategically directs light to the target area and provides better illumination for less electricity.
More information about Sunovia Energy and its EvoLucia LED lighting subsidiary is available in the company’s Securities and Exchange filings, which can be found at www.sec.gov or at www.sunoviaenergy.com.
About EPIR Technologies, Inc.
EPIR Technologies, Inc. is a fast growing high-technology company based in Bolingbrook, Illinois. Dr. Siva Sivananthan, director of the Microphysics Laboratory at the University of Illinois at Chicago, founded EPIR Technologies in 1998. EPIR’s business started with a focus on developing infrared materials for the US military and on cutting-edge research for the defense industry in infrared imaging technology based on mercury cadmium telluride (MCT). The same technology that formed the basis for EPIR’s breakthrough successes in infrared imaging technology now forms the foundation for EPIR’s development of a revolutionary new photovoltaic cell. The company has grown from fewer than 20 employees just three years ago to over 60 employees today.
Some of the statements made by Sunovia in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Sunovia believes that its primary risk factors include, but are not limited to: development and maintenance of strategic acquisitions; domestic and international acceptance of our product lines; defending our intellectual property and proprietary rights; development of new products and services that meet customer demands and generate acceptable margins; successfully completing commercial testing of new technologies and systems to support new products and services; and attracting and retaining qualified management and other personnel. Additional information concerning these and other important factors can be found within Sunovia’s filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors.
SOURCE Sunovia Energy Technologies, Inc.