Outlast Technologies and Frisby Technologies yesterday jointly announced that the two companies have reached an agreement that resolves their disputes.

As part of the settlement agreement, Frisby has agreed to withdraw its demand for arbitration against Outlast and Outlast has agreed to withdraw its patent infringement lawsuit against Frisby. The new agreement does not in any way restrict either company from continuing to produce, market and sell their respective products.

"We are pleased to have reached an agreement that simplifies the relationship of the two companies and allows both companies to pursue their respective business opportunities" said George Cattermole, Outlast's president and chief executive officer.

Doug McCrosson, vice president of business development for Frisby, added: "We feel this agreement is in the best interest of both companies, our customers, and shareholders. Both companies can now focus on expanding the market for our respective temperature-control products."