American Aires Announces Settlement Agreement with Former Officer and Director and Assignment of Patent Rights to the Company
American Aires settles with former officer Dimitry Serov, assigns his patents to the company, and cancels 1,777,778 shares.Summary
American Aires Inc. announced a settlement agreement and mutual release with its former officer and director, Dimitry Serov, and his holding company, resolving all outstanding disputes, including litigation in the Ontario Superior Court of Justice. As part of the settlement, Serov irrevocably assigned to the company his rights in certain patents, patent applications, and related intellectual property associated with the company's products. Additionally, 1,777,778 common shares previously issued to Serov Holdings Inc. will be cancelled and returned to treasury, with no cash consideration exchanged. The agreement includes standard confidentiality, non-disparagement, and a non-competition covenant favoring the company. The settlement confirms the company's ownership of the assigned intellectual property and allows dismissal of the litigation with prejudice.
(Source：Newsfilecorp)