Business
Electrovaya Announces Litarion Settlement
TORONTO, ON / ACCESSWIRE / June 16, 2021 / Electrovaya Inc. ("Electrovaya" or the "Company")...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Announces Litarion SettlementTORONTO, ON / ACCESSWIRE / June 16, 2021 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announced that the Company and its officers have reached an agreement with the Administrator of Litarion GmbH (\"Litarion\") to mutually settle all potential claims as part of the termination of Litarion's insolvency proceedings. The proceedings began in early 2018.Electrovaya has agreed to pay €221,000 as full and final settlement, which includes payment for certain intellectual property. The payment is to be made in instalments over a nine-month period. Following payment of the instalment amounts, the Company's liability with respect to Litarion will be satisfied in full. Electrovaya had earlier acquired about 30 Litarion patents relating to ceramic separators and battery cells, and now the trademarks of SEPARION, LITACELL AND LITARION from the Administrator.For more information, please contact:Investor Contact:Jason RoyElectrovaya Inc.Telephone: 905-855-4618Email: [email protected] Electrovaya Inc.Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) designs, develops and manufactures proprietary Lithium Ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.Forward-Looking StatementsThis press release contains forward-looking statements relating to the Company's intention to pay a settlement amount in satisfaction of all potential claims in the Litarion insolvency proceedings. Forward-looking statements the can generally be identified by the use of words such as \"may\", \"will\", \"could\", \"should\", \"would\", \"likely\", 'possible', \"expect\", \"intend\", \"estimate\", \"anticipate\", \"believe\", \"plan\", \"objective\" and \"continue\" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such f...