Attached files
| file | filename |
|---|---|
| 8-K - UNIVERSAL SECURITY INSTRUMENTS INC | v175756_8k.htm |
|
Exhibit
99.1
For
Immediate Release
Contact: Harvey
Grossblatt, President
Universal
Security Instruments, Inc.
410-363-3000,
Ext. 224
or
Don
Hunt, Jeff Lambert
Lambert,
Edwards & Associates, Inc.
616-233-0500
|
Universal Security
Instruments, Inc. Announces Settlement
OWINGS
MILLS, MD. February 26, 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. For more information
on Universal Security Instruments, visit our website at
www.universalsecurity.com.
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"Safe Harbor” Statement under the
Private Securities Litigation Reform Act of 1995: Certain matters discussed in
this news release may constitute forward-looking statements within the meaning
of the federal securities laws that inherently include certain risks and
uncertainties. Actual results could differ materially from those projected
in or contemplated by the forward-looking statements due to a number of factors,
including, among other items, our and our Hong Kong Joint Venture's respective
ability to maintain operating profitability, currency fluctuations, the impact
of current and future laws and governmental regulations affecting us and our
Hong Kong Joint Venture and other factors which may be identified from time to
time in our Securities and Exchange Commission filings and other public
announcements. We do not undertake and specifically disclaim any
obligation to update any forward-looking statements to reflect occurrence of
anticipated or unanticipated events or circumstances after the date of such
statements. We will revise our outlook from time to time and frequently
will not disclose such revisions publicly.