FAIRFAX STATION, Va. -- According to an SEC filing, LogicMark, LLC has accepted 9 million shares of common stock from Medical Alarm Concepts Holdings, Inc. (OTCBB:MDHI), as settlement for a patent infringement suit.
Fairfax Station, Va.-based LogicMark now holds 6.7 percent of Plymouth Meeting, Pa.-based Medical Alarm Concepts shares, worth $9,000 at Monday's closing price of 1 cent.
The two medical alarm device companies were on friendly terms until LogicMark sued Medical Alarm Concepts (owners of MediPendant) last March for patent infringement, unfair trade practices and Intentional Interference with Business or Contractual Relations, according to telecareaware.com.
Evidently Medical Alarm Concepts insisted on claiming to have the only product with two-way voice communications via the pendant. LogicMark, maker of the FreedomAlert pendant, begged to differ,
The companies announced on April 19 that they reached a settlement agreement in the Eastern District of Virginia in which all charges have been dismissed without acknowledgement of liability by either party, and the parties retain their rights in their respective intellectual property.
Terms of the agreement were not disclosed, until the current filing.
Founded in 2008, Medical Alarm Concepts is a development stage company that provides personal response monitoring services and related products to subscribers with medical or age-related conditions.
LogicMark's FreedomAlert pendant functions like a monitored personal emergency response system, except the owner doesn't have to pay monthly monitoring fees. via CityBizList
Monday, June 7, 2010
Subscribe to:
Comments (Atom)