INCON Announces Ruling in Arbitration Matter.Business Editors SACO Saco, city, United States Saco (sô`kō), city (1990 pop. 15,181), York co., SW Maine, on the Saco River; settled 1631, inc. as Pepperellboro 1762; name changed to Saco 1805; inc. as a city 1867. , Maine--(BUSINESS WIRE)--Feb. 8, 2002 An American Arbitration Association The American Arbitration Association (AAA) is a private enterprise in the business of arbitration, and one of several arbitration organizations that administers arbitration proceedings. The AAA also administers mediation and other forms of alternative dispute resolution. panel has delivered its ruling in a long-pending dispute between Intelligent Controls, Inc. (INCON INCON Innovations in Concrete Show and Conference ) (AMEX AMEX See: American Stock Exchange symbol: ITC) and Practical Tank Management (PTM) and related companies. The arbitration began in April 2000 with a claim by INCON for $62,193 in unpaid invoices for specialized level measurement probes it had manufactured for PTM. PTM and related companies responded with counterclaims against INCON of more than $15 million. Following seven days of testimony on the counterclaims, the arbitration panel awarded PTM $446,402, reflecting an amount of damages which the panel calculated to equal one-third the original contract price for the probes. Additionally, PTM was awarded prejudgment interest of $55,893 from the date of its claim. The award provides that all other PTM related claims against INCON are extinguished. Roger E. Brooks, INCON's President & 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. stated: "We are glad to finally have this matter behind us and that the Panel ruled the multi-million dollar counterclaims against INCON had no merit." The cost of the award will be recognized in INCON's 2001 financials and will be mitigated in part by reductions in income tax expenses. Intelligent Controls, Inc. is a leading supplier of software, fuel management systems (FMS FMS - Flexible Manufacturing System (factory automation). ) and line leak detection equipment for the petroleum industry as well as intelligent electronic devices (IEDs) and power reliability systems (PRS) for the power utility market and other industrial applications. Additional information about INCON may be found on its website at www.incon.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion