“LogicMark, LLC (“LogicMark”) and Medical Alarms Concepts, LLC and Medical Alarm Concepts Holding, Inc. (collectively “MAC”) announce that they have reached a settlement agreement resolving the litigation in the Eastern District of Virginia (LogicMark, LLC v. Medical Alarm Concepts, Holding, Inc., et al., Case No. 2:09-cv-581).
As a result of the settlement agreement entered into on April 16, 2010, all outstanding causes of action between the parties have been dismissed, without acknowledgement of liability by either party, and the parties retain their rights in their respective intellectual property. The terms of the settlement agreement are confidential.
LogicMark and MAC agree that the settlement reached is in the best interest of both companies, as well as their shareholders and investors. LogicMark and MAC are pleased to end the litigation between them and to move forward in selling, developing, and promoting their respective products.”