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SARASOTA — Sunovia Energy Technologies Inc. (symbol: SUNV) settled a lawsuit with EPIR Technologies Inc., a collaborator-turned-competitor based in Illinois, late last week.
The two agreed to split revenues generated from a specific patented solar technology developed jointly by both firms, a release says. The companies also agreed to give up the equity stakes each firm had in the other, returning stock owned by either competitor to the original firm.
“If the solar technology can be developed and commercialized, our shareholders will share equally in those gains,” explains Art Buckland, Sunovia's CEO, in a prepared statement.
“Meanwhile, both Sunovia and EPIR can move forward with their respective businesses without the ongoing cost and risk of this litigation,” he added.
Buckland, a tested veteran of the developing technology industry, was hired in August. In the late 1990s, Buckland turned a $5 million semiconductor technology company into a business that generated $147 million in annual revenues.
Sunovia was profiled in a 2009 issue of the Business Review. The company earned $2.56 million in revenues in its four most recently completed quarters of business, according to Yahoo! Finance.
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