BIOLASE (BLTI) and NLT Announce Settlement Agreement
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BIOLASE Technology, Inc. (NASDAQ: BLTI) and National Laser Technology, Inc. announced that they have reached a final settlement agreement resolving the claims and counterclaims in the lawsuit between NLT and BIOLASE pending in the Southern District of Indiana concerning NLT's sale of used BIOLASE dental lasers. Both parties' claims will be dismissed with prejudice.
NLT had brought the suit in August 2008 alleging, among other things, that BIOLASE made false statements to dentists concerning NLT's sale of used BIOLASE lasers and refused to sell laser tips and other parts to dentists if they did business with NLT in violation of antitrust and unfair competition laws. BIOLASE filed counterclaims alleging that NLT infringed BIOLASE's copyrights and trademarks, made false and misleading statements on its website, and modified, sold, and serviced used BIOLASE lasers without premarket approval from the FDA in violation of unfair competition laws.
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