Mar 1 2010
Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced it has entered into a Settlement and License Agreement with United Technologies Corporation ("UTC") and its subsidiary, Walter Kidde Portable Equipment, Inc. ("Kidde").
Under the terms of the confidential Agreement, all claims and counterclaims in the lawsuits currently pending between the Company and UTC and Kidde, as previously reported by the Company in its periodic SEC filings, have been mutually dismissed. Additionally, UTC and Kidde have granted to the Company world-wide non-exclusive licenses under the patented technology in litigation.
UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer (through its Hong Kong Joint Venture) and distributor of safety and security devices. Founded in 1969, the Company has a 40-year heritage of developing innovative and easy-to-install products, including smoke, fire and carbon monoxide alarms.