Thu, Sep 22, 2005
Suit Involved Marketing Of Whole-Plane Parachutes
Ballistic Recovery Systems says it
has reached a settlement that resolves all claims in a breach of
contract suit involving Charles F. Parsons and Aerospace
Marketing.
The lawsuit, relates to the termination of the sales and
marketing contract between the Company and Parsons relating to the
GARD-150 and GARD-172 products. Under the terms of the settlement,
BRS agreed to pay Parsons $1.9 million over an eight year graduated
payout schedule. In July of 2005, a Jury verdict against BRS
awarded Parsons $3.4 million in damages. This negotiated settlement
brings to an end the business relationship established for Parsons
to have the exclusive rights for the BRS-172 product designed for
the Cessna aftermarket.
"The settlement terms allow BRS to continue on its growth path
in selling aviation safety products while not adversely affecting
ongoing operations. It is unfortunate that this matter required
legal intervention. This settlement represents an opportunity for
BRS to move on and to continue the product development and market
penetration that has made us so successful for 25 years. Moreover,
we have the capability to pay this settlement over time with
minimal impact to operations," said Larry E. Williams, the Chief
Executive Officer of BRS. "We are excited to once again direct 100
percent of our focus and effort to providing our customers with
truly outstanding aviation safety products backed by personal
customer service," Williams said.
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