USA: Frisby Technologies Files Demand For Arbitration
Frisby Technologies, Inc. (Nasdaq: FRIZ) has filed a Demand For Arbitration against one of its licensors, Outlast Technologies, Inc of Boulder Colorado, before the American Arbitration Association related to the interpretation of certain clauses in the Frisby-Outlast License Agreement. Frisby subsequently received a letter from Outlast attempting to revoke the license. Further, Outlast separately filed a complaint against Frisby in US District Court, District of Colorado, alleging patent infringement based upon the same facts that are the subject of the arbitration. Frisby has notified Outlast that Frisby is not in breach of the license agreement and also that Outlast has no right to terminate that agreement. The company will continue to conduct all business as usual pending the outcome of the arbitrators' decision. Outlast is one of several licensors to the company. The company's license from Outlast provides Frisby with certain exclusive rights related to the use of foams attached to fibers or fabric. Foams not attached to fabric, as well as all non-foam ComforTemp branded materials including the recently launched line of leather products using ComforTemp DCC materials, Steele brand products, and Extreme Comfort brand products are not involved in this current dispute. Commenting on the matter, Greg Frisby, chairman and CEO of Frisby Technologies said: "It is unfortunate that one of our licensors has taken this unwarranted action since Frisby has at all times acted in full compliance with the license. Frisby initiated the arbitration based upon the certainty of its position and will vigorously defend itself against unfounded allegations." Frisby Technologies is a global leader in the development of dynamic thermal management solutions for the apparel, footwear and sporting goods, packaging, home furnishings, healthcare and electronics industries. For more information, contact Frisby Technologies at (877) 444-COMFORT, visit the ComforTemp® web site at
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