Amp Resources is Released from Legal Claims by Raser Technologies; Raser Technologies Signs Technology License Agreement with Amp Resources.SALT LAKE CITY -- Amp Resources, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Amp") today announced a full and complete settlement and mutual release of all legal claims between Amp and Raser Technologies (NYSE Arca For other uses of "ARCA", see ARCA. NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an entirely online securities exchange on which both stocks and options are traded. : RZ, "Raser"). An affiliate of Amp Resources, Recurrent Engineering, LLC ("Recurrent"), and an affiliate of Raser also executed a license agreement that enables Raser's affiliate to develop renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. projects based on heat transfer technologies licensable by Recurrent. "We are pleased to have Raser's legal claims behind us so that we can now give our complete attention to the continued growth and development of Amp's renewable and waste heat energy businesses," said Lyle Ball, vice president of Amp Resources. "In the end, Amp obtained another potential royalty stream, retained its valuable assets and technologies, and remains in a solid position to continue advancing its power plant development and technology licensing businesses. Amp believes that this commercial arrangement with Raser demonstrates the value of our licensable technologies." On Jan. 19, 2006, Amp and Raser entered into an Agreement and Plan of Acquisition. On June 16, 2006, Amp terminated this Agreement and Plan of Acquisition according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its terms when Raser failed to perform under the terms of the Agreement. On Aug. 29, 2006, Raser filed suit against Amp Resources and related parties claiming breach of the Agreement and related causes of action. On Aug. 29, 2006, Amp denied the legal claims brought against Amp by Raser. On Sept. 2, 2006, Raser agreed to dismiss the legal claims with prejudice, meaning that the claims cannot be re-asserted in any jurisdiction. On Sept. 2, 2006, Amp and Raser granted mutual general releases to each other and to other involved parties. On Sept. 2, 2006, an affiliate of Raser entered into a license agreement with Recurrent as consideration for the mutual release between Amp and Raser. Although the specific terms of the license agreement are confidential, the affiliate of Raser committed to pay royalties to Recurrent for use of the licensable technologies, and also agreed to pay for specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. engineering services. About Amp Resources Amp Resources develops geothermal ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge and waste heat energy projects, licenses proprietary cost-competitive thermal power cycle technology, and delivers highly specialized engineering design services and turnkey See turnkey system. energy solutions to the global marketplace. The company focuses on the generation of zero-emissions electricity by developing internal and third-party renewable energy projects that employ industry-leading thermal energy thermal energy Internal energy of a system in thermodynamic equilibrium (see thermodynamics) by virtue of its temperature. A hot body has more thermal energy than a similar cold body, but a large tub of cold water may have more thermal energy than a cup of boiling technologies, including Kalina(R) -- a patented breakthrough thermal power cycle technology. Amp is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. founded in 2002 as a Delaware Limited Liability Company with headquarters in Salt Lake City; an engineering center in Foster City, Calif; and an operation center in Reno, Nev. Further information on Amp Resources may be found at: www.ampresources.com. |
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