TORONTO, Aug. 5 /PRNewswire-FirstCall/ -- ID Security Systems Canada Inc.
(ID Systems), a wholly owned subsidiary of Sentry Technology Corporation
(OTC Bulletin Board: SKVY), announced today the settlement of its antitrust
lawsuit against Checkpoint Systems Inc. (Checkpoint). Checkpoint will pay ID
Systems $19,950,000 to settle all issues related to the suit. As provided when
Sentry purchased ID Systems, the proceeds of the settlement will be
distributed to former shareholders of ID Systems, after payment of litigation
fees and expenses. The agreement includes mutual releases between the parties
for complaints arising from activities prior to the date of the agreement,
except for any contractual obligations and any future claims for patent,
copyright or trademark infringement. The agreement is not an acknowledgement
of any wrongdoing or liability by either party. A Stipulation of Dismissal
will be filed with the Third Circuit Court of Appeals to finally conclude the
legal proceedings.
ID Systems' lead counsel is Rudolph Garcia, Esquire. Mr. Garcia, a partner
at the Philadelphia office of Saul Ewing LLP, has extensive experience in
cases involving large commercial claims.
Sentry Technology Corporation designs, manufactures, sells and installs a
complete line of Radio Frequency (RF) and Electro-Magnetic (EM) EAS systems
and Closed Circuit Television (CCTV) solutions. The CCTV product line
features the proprietary SentryVision(R) SmartTrack patented traveling
Surveillance System. The Company's products are used by retailers to deter
shoplifting and internal theft and by industrial and institutional customers
to protect assets and people. The Company's acquisition of ID Systems expands
the Company's product offering to include proximity Access Control and Radio
Frequency Identification (RFID) solutions. For further information, please
visit our website at http://www.sentrytechnology.com.
Checkpoint Systems Inc. is a provider of EAS and RFID systems, source
tagging, barcode labeling systems, hand-held labeling systems and retail
merchandise systems.
This press release may include information that could constitute
forward-looking statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. Any such forward-looking
statements may involve risk and uncertainties that could cause actual results
to differ materially from any future results encompassed within the
forward-looking statements. Factors that could cause or contribute to such
differences include those matters disclosed in the Company's Securities and
Exchange Commission filings.
CONTACT: Peter L. Murdoch
ID Security Systems
(416) 674-4788 x107
peterm@idsystems.ca
SOURCE ID Security Systems Canada Inc.
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Related links:
http://www.sentrytechnology.com
Company News On-Call:
http://www.prnewswire.com/comp/494538.html
CONTACT:
Peter L. Murdoch of ID Security Systems,
+1-416-674-4788, ext. 107, peterm@idsystems.ca
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