Gundle/SLT Environmental announces settlement of patent infringement suit
Gundle/SLT Environmental Inc. (GSE) has settled the patent infringement suit brought by Poly-America L.P. for $9.5 million...
HOUSTON, Dec. 23, 2004 (PRNewswire) -- Gundle/SLT Environmental Inc. (GSE) has settled the patent infringement suit brought by Poly-America L.P. for $9.5 million.
The payment by GSE to Poly-America settles any claims of infringement of the patents and the claims for damages that were remanded to the District Court for further proceedings. The settlement removes the restriction on approximately $18.1 million of cash that supported an appeal bond that was previously posted. With the release of the funds, GSE is committed to make an early payment of $5.0 million to reduce its term loan, leaving a balance of $17.9 million at Dec. 31. The original borrowing made in May 2004 amounted to $25 million.
Gundle/SLT Environmental Inc. (www.gseworld.com) is a world leader in providing geosynthetic lining solutions, products and services to satisfy the needs of domestic and international, municipal and private companies engaged in waste management, mining, water and wastewater treatment, aquaculture, and other industrial activities.