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Court Finds that Zoltek Breached Contract with Gurit

17 December 2006

The Federal Court in the Eastern District of Missouri entered judgement against Zoltek following a successful lawsuit by Gurit to enforce a 10 year contract for large filament count carbon fibre supplies.

The Jury awarded Gurit damages of over USD 36 million (one count of damages of $21 million and a second count of $15 million) and the Court decreed that the contract, which requires Zoltek to supply Gurit with carbon fibres, is to remain in effect until December 31, 2010.

However, Zoltek has said that it will challenge the verdicts handed down by the court, as it believes it has strong legal grounds to overturn these verdicts and will file post-trial motions challenging the jury’s verdicts in several fundamental respects.