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ZCL COMPOSITES INC – Strikes Settlement Agreement with Xerxes

  • Tuesday, 9th May 2000
  • Reading time: less than a minute

ZCL is pleased to announce that it has entered into a settlement agreement to end the litigation between the Company and Xerxes Corporation of Minneapolis. Under the settlement agreement, ZCL will pay $600,000 USD to Xerxes for certain license rights, liquidated damages, and an option to purchase Xerxes’ global license business. A portion of future royalties from ZCL Enviro Systems in the Philippines will also be paid to Xerxes. ZCL is permitted to sell its Phoenix system anywhere in the world, including the USA, without royalty. ZCL sales of Parabeam fabric remain unrestricted provided they bear a warning that a US patent license may be required for use in underground tanks. ZCL Composites Inc. is Canada’s largest manufacturer of fibreglass underground storage tanks.

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