Power Technology Inc. (Houston, TX), a research and development company engaged in alternative battery technology, announced that it has settled all claims involved in the patent litigation with Alvin Snaper. The company has received assignments from Alvin Snaper of all the battery technology rights that were in dispute. The settlement includes a "share lockup agreement" and for a period of one-year, Alvin Snaper will not be permitted to sell or transfer ownership of any of his shares of common stock of the company.
Alvin Snaper has released the company, its present and former officers and directors, of all claims that were asserted or that could have been asserted by him in the litigation. The company paid Alvin Snaper $20,000 to settle the dispute. Snaper has assigned to the company his entire right, title and interest throughout the world in the inventions and improvement encompassed by US Patent Number 10/809,791, International Patent Application Number PCT/US02/30607 and United States Patent 6,060,198. The company now has undisputed, complete ownership to the intellectual property and patent rights of its revolutionary battery technology.
Power Technology Chairman and CEO Bernard Walter stated, "We are pleased to report to our shareholders that all disputes with Alvin Snaper have been settled, and the company unquestionably owns its unique battery technology. We can now pursue the manufacturing and sales of our batteries without the distraction or the cost of continued litigation."
