DENVER, March 26, 2015 (GLOBE NEWSWIRE) -- Islet Holdings, Inc. (OTC:ISHI) ("the Company") previously announced that in August 2012, the Company and its subsidiary filed a complaint in Federal District Court for the District of Utah against Islet Sciences, Inc. (OTC:ISLT), and several individuals intimately involved with Islet Sciences. The complaint is related to the Company's prior work and development in the type 1 diabetes treatment industry.
The Company was forced to file suit in 2012 to protect the patents and other intellectual property it acquired in 2009. Despite intermittent settlement discussions, the matter remained unresolved and the Company as this year began continued to devote resources and efforts to protect its patents and other intellectual property.
Pursuant to a hearing held on February 24, 2015, the Federal Court ruled on various matters affecting the case. The Court's rulings acknowledge merits of the Company's case against Islet Sciences for its attempt to misappropriate the Company's intellectual property as its own. The Court ordered that the case go forward as to two causes of action, and asked for clarification regarding the scope of some of the Company's claims. As allowed by the Court, the Company will file an amended complaint by the end of this month. Furthermore, pursuant to indications from the Court, the Company reasonably expects the case to move forward from this point on an expedited basis.
In addition to declaratory relief, the Company currently seeks damages exceeding $ 6 million. The Company is pleased with the Court's rulings and remains confident in its claims.
Release Note: Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. The realization of any or all of these expectations is subject to a number of risks and uncertainties and it is possible that the assumptions made by management may not materialize.
Safe Harbor Statement:
This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as ISHI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.