LoJack Corporation (LOJN) Enters Into Agreement To Settle All Pending Disputes With Former Licensee in China
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LoJack Corporation (Nasdaq: LOJN) reported that it has entered into a comprehensive agreement to settle all pending disputes with Kington Holdings Limited, its former licensee in China. The settlement agreement provides that all cases relating to the November 2007 termination of the license agreement between the parties will be dismissed.
In addition, the settlement provides for broad based releases by all parties and their affiliates of all claims relating to the business in China with Kington Holdings Limited, including all claims in the arbitration proceeding and the ongoing litigation in Massachusetts and Hong Kong. The settlement also prohibits any other action by the parties to this agreement related to the litigation. Additionally, the settlement agreement includes a provision providing that, for a period of three years, Kington Holdings Limited and their affiliates are precluded from acquiring any equity interest in LoJack Corporation.
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