07/14/15: CVR Global Inc v. East Carolina University: Lawsuit Settlement and Dismissal
/PRNewswire/ — The following statement is being issued by CVR Global, Inc., etc. to announce the settlement and dismissal of the lawsuit East Carolina University, ex rel. The University of North Carolina, Plaintiff, v. CVR Global, Inc., Defendant and Third-Party Plaintiff, v. David W. Pravica, Cardiovascular Resonances LLC and CVR International, Inc., Third-Party Defendants and Fourth-Party Plaintiffs, v. Orville Day and Black Hole Resonances, LLC, Fourth-Party Defendants, United States District Court, EDNC, Case No. 4:14-cv-73
East Carolina University filed the case in 2014 alleging CVR breached a License Agreement for the use of a patented formula it believed to have potential in the diagnoses of carotid arterial blockage. CVR ceased using and ceased paying for ECU’s patented formula when those on whom it relied to license the technology were unable to make it functional for medical use. CVR’s device, known as Cardiovascular Resonator, depends upon patented formula for its functionality and the Company continues to pursue this exciting technology without reliance on ECU’s patent. The parties have reached a settlement in the lawsuit and all parties are pleased with the outcome. ECU has been paid, those on whom CVR relied have relinquished their ownership rights in the company and its technology, and CVR continues its mission, with newfound freedom, to commercialize the Carotid Stenotic Scan (CSS).