May 26, 2011
—Inspired Technologies, Inc.
announced today that it reached a settlement with Intertape Polymer Group, Inc. of the lawsuit between the two companies. Pursuant to the terms of the settlement agreement, Intertape must make a significant monetary payment to Inspired Technologies.
"Intertape initiated the lawsuit, but the Court ruled that Inspired Technologies fully honored its contracts with Intertape," stated David Wagner, CEO of Inspired Technologies. "The jury later found that Intertape was liable for breaching three different contracts. Two separate juries subsequently entered damages verdicts against Intertape. The Court then ordered Intertape to pay an attorney's fee award to Inspired Technologies," Mr. Wagner added.
"We are pleased to have this matter behind us," Mr. Wagner stated. "We look forward to focusing on several exciting business opportunities that involve innovative, new products, and we will continue to run our company with the utmost integrity."
and Tiffany Blofield
, attorneys at Winthrop & Weinstine, P.A., represented Inspired Technologies.
About Inspired Technologies, Inc.
Inspired Technologies is a recognized leader in research and development of specialized products in the home improvement business sector. The company is headquartered in Le Sueur, Minnesota.
About Winthrop & Weinstine, P.A.
Winthrop & Weinstine is an exciting, dynamic corporate business and commercial litigation law firm focused on building strong client relationships through shared values and commitment to excellence. A "Top 10 Law Firm" in Minnesota, with 89 attorneys in over 25 practice areas, the firm's clients experience responsive, service-driven attorneys who passionately champion client issues, using innovation rather than outmoded tradition and creativity rather than standard formulas. The firm enjoys steady growth by meeting the diverse needs of its clients from individuals and emerging-growth businesses to Fortune
500 companies in an impressive array of industries throughout Minnesota and nationally.