WebTech Wireless Inc. (TSX:WEW) has settled patent infringement lawsuit filed by a U.S.-based competitor back in May 2007.
The terms of a settlement agreement with Liberty, Texas-based LunarEye Inc. are confidential; however, WebTech said it involved a one-time payment and no admission of infringement. It also released the company from any future LunarEye legal action.
WebTech, which develops and sells GPS-based vehicle tracking and fleet management systems, will record a charge in its fourth quarter results relating to the settlement.
WebTech's share price range during the past week: between $0.79 and $0.83; 52-week high: $1.90; 52-week low: $0.65.