The settlement clears the way for Aspen to move forward with development of new products for the General Aviation market.
Albuquerque, NM (PRWeb) February 3, 2007 -- Aspen Avionics, Inc., is pleased to announce that it has reached a favorable resolution of its litigation with Eclipse Aviation Corporation (State of New Mexico, Second Judicial District, County of Bernalillo, Case No. CV-2006-07896).
"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."
Resolution of the suit removes the cloud hanging over Aspen. "All eyes are on the horizon now," said Jeff Bethel, Aspen Co-Founder and Chief Technology Officer. "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, alongside Eclipse Aviation." said Lyons.
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 Aspen's future success.
About Aspen Avionics, Inc.
Aspen Avionics produces technically innovative avionics for the general aviation market. The company, headquartered in Albuquerque NM, was founded in 2004 by a team of experienced avionics professionals and aviation enthusiasts. The company can be found on the web at www.aspenavionics.com, or may be reached at (505) 856-5034.
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