UPS Industry Disputes Resolved
JT Packard announced that it has reached comprehensive settlements with both MGE UPS Systems (MGE) and Eaton Powerware, Inc. (Powerware), concluding all litigation. The settlements resolved the legal disputes to the parties' satisfaction, eliminating the distraction of prolonged litigation and allowing them to pursue more productive business objectives. The terms of the settlements are confidential.
On October 16, 2006, Power Plus, a California-based provider of power solutions, acquired 80% of JT Packard. Following the acquisition, Power Plus worked with MGE and Powerware to address industry concerns and negotiate equitable resolutions. Concurrent with the settlements, Power Plus completed the acquisition of the remaining 20% of JT Packard. Power Plus announced that it was pleased to end the legal disputes and capitalize on the efficiencies associated with the recent acquisition.
In addition, Jeff Cason, President of JT Packard, announced his resignation, effective immediately. "After building the company into a UPS industry force, and earning a spot on the Inc. 500 for two consecutive years, Jeff left to pursue other entrepreneurial interests. We wish him the best of luck," remarked Steve Bray, CEO of Power Plus.
Charley Eaton, Executive Vice President of JT Packard, who was instrumental in the firm's success despite the challenges of the litigation, was appointed President. Eaton has been with JT Packard for nearly two years. Prior to joining to JT Packard, he founded and then operated a software and consulting firm for 10 years.