Cooper disagrees with BEI interpretation of court ruling.PLEASANTON, Calif.--(Health Wire)--Feb. 14, 1996--The Cooper Companies Inc. (NYSE NYSE See: New York Stock Exchange :COO) said today, in response to recent inquiries about its litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. , that a recent Court decision regarding the characterization of the disputed contract as a "requirements contract A written agreement whereby a buyer assents to purchase for a sufficient consideration (the inducement to enter into an agreement) all the merchandise of a designated type that he or she might require for use in his or her own established business. " should have a minimal impact on Cooper's ultimate recovery. Responding to BEI's recent press release concerning the Court's January 31, 1996 decision in the pending New Jersey litigation by CooperSurgical against its former president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard Turner The name Richard Turner may mean:
"One of CooperSurgical's many claims in this case is that two of BEI's subsidiaries have breached CooperSurgical's exclusive rights under the 1990 OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and Agreement concerning an electrosurgical generator supplied to CooperSurgical for the gynecological gynecological /gy·ne·co·log·i·cal/ (-kah-loj´i-k'l) gynecologic. market. The damages from this breach alone exceed $5 million. In view of the fact that BEI was taking the position that the OEM Agreement was entirely invalid, CooperSurgical is gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that the Court has found that an enforceable agreement existed. Furthermore, the Court has not retreated from its previous finding that BEI violated CooperSurgical's exclusive rights under the contract by selling essentially identical generators to one of their other subsidiaries, Zinnanti, in direct competition with CooperSurgical. The Court also noted CooperSurgical's right to purchase similar generators from other sources on six months' notice to defendants, which CooperSurgical contends was done." Under the circumstances, CooperSurgical remains confident that its claims for substantial damages under the OEM Agreement are highly meritorious and that BEI's defenses and counterclaims have not been significantly aided by the Court's ruling. Apart from the OEM Agreement, CooperSurgical has also asserted other damage claims in excess of $6 million against BEI and the other defendants for wrongful interference with various business relationships, including interference with CooperSurgical's negotiation to acquire licensing rights to a proprietary technology for performance of endometrial ablation Endometrial ablation is a medical procedure that is used to remove (ablate) or destroy the endometrial lining of a woman's uterus. This technique is most often employed for women who suffer from excessive or prolonged bleeding during their menstrual cycle but can not or do not wish ." Note to the editor: CooperSurgical Inc., a principal subsidiary of The Cooper Companies Inc., located in Shelton, Conn., develops, manufactures an distributes electrosurgical, cryosurgical and general application diagnostic and surgical instruments and equipment used selectively in both traditional and minimally invasive surgical procedures. Other subsidiaries of The Cooper Companies Inc. include CooperVision Inc., CooperVision Pharmaceuticals Inc., and Hospital Group of America Inc. CooperVision Pharmaceuticals Inc., also headquartered in Irvine Calif., develops ophthalmic pharmaceutical products, Hospital Group of America provides psychiatric services through hospitals and satellite locations in New Jersey, Delaware and Illinois. NOTE: The Cooper Companies Inc. press releases and selected financial data are available at no charge through Business Wire's NewsOnDemand(TM) Service and on Business Wire's Personal Web Box service. For a menu of available information on the company or to retrieve specific information, call 1-800-356-0742, or http://www.hnt.com/bizwire on the internet. CONTACT: The Cooper Companies Inc. Norris Battin 714/597-8130 ext. 3343 or 714/673-4299 or D.F. King & Co. Inc. David B. Frank Jennifer R. Wall 212/269-5550 |
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