JUPITER, Fla., Aug. 05, 2015 (GLOBE NEWSWIRE) -- Dyadic International, Inc. ("Dyadic") (OTCQX:DYAI), today announced it has reached a settlement with one of the three remaining defendant law firms in its ongoing professional liability litigation.
The Agreement with Defendants Moscowitz & Moscowitz, PA, Norman Moscowitz and Jane Moscowitz was fully executed on July 31, 2015. Payment of the confidential settlement amount to the Company by the Moscowitz Defendants is required within 20 days of execution of the Agreement. This low seven figure payment will be reported in the Company’s consolidated statement of operations for the quarter ending September 30, 2015, and will be disclosed as a subsequent event in the second quarter financial statements.
As previously disclosed by the Company, on April 14, 2009, Dyadic International Inc. filed a complaint against the Company's former outside legal counsel for breach of fiduciary duty and professional negligence. The named defendants to the complaint consisted of law firms Greenberg Traurig, LLP, Greenberg Traurig, P.A., Jenkens & Gilchrist, P.C. and Bilzin Sumberg Baena Price & Axelrod LLP as well as attorney Robert I. Schwimmer who previously represented the Company while an attorney at Jenkens & Gilchrist and later at Greenberg Traurig. The Company also named as defendants the law firm of Moscowitz & Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W. Moscowitz. On August 8, 2012, the Company, Jenkins & Gilchrist and Mr. Schwimmer entered into a Settlement Agreement and General Releases whereby Jenkens & Gilchrist paid $525,000 for the mutual release and discharge of (1) all causes of action between the Company and Jenkens & Gilchrist, and (2) causes of action between the Company and Mr. Schwimmer including, but not limited to, those in the professional liability lawsuit, but only those which occurred while Mr. Schwimmer served as an attorney at Jenkens & Gilchrist and not while he served as an attorney at Greenberg Traurig or any other time.
Chairman of the Board, Michael Tarnok, stated, “I am pleased with this settlement which brings us one step closer to ultimately putting this ligation behind us. The Company continues to vigorously prosecute this litigation with the remaining defendants, which is on an eight-week trial docket commencing October 26, 2015. The Company anticipates learning from the court on October 16, 2015, if the trial will occur during the eight-week period or will be moved for trial in early 2016.”
About Dyadic
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemical, biopharmaceutical and industrial enzyme industries. Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 microorganism, which enables the development and large scale manufacture of low cost enzymes and other proteins for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes. In addition to the sale of proprietary enzyme products, Dyadic actively pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of manufacturing and/or utilizing the enzymes and other proteins which these technologies help produce. Please visit Dyadic’s website at www.dyadic.com. Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic on the OTC marketplace website at www.otcmarkets.com/stock/DYAI/quote.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks, uncertainties and other factors that could cause Dyadic’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except as required by law, Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. Factors that could cause results to differ materially include, but are not limited to: (1) general economic conditions, including the recent conditions in the global markets; (2) Dyadic’s ability to retain and attract employees; (3) competitive pressures and reliance on key customers and collaborators; (4) Dyadic’s research and development efforts, (5) the outcome of the current litigation by Dyadic against its former counsel, (6) Dyadic’s ability to obtain additional debt or equity financing sources and (7) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in our December 31, 2014 Annual Report filed with OTC Markets on March 27, 2015.