BENSALEM, PA--(Marketwired - May 12, 2015) - Gyrotron Technology Inc. (
Inventions and intellectual property (together "IP") conceived jointly by GYTI and PPG will be jointly owned by the parties, and IP developed solely by one party will be owned by that party. If within 90 days of the termination of the Agreement PPG determines to proceed with the commercialization of vacuum insulating glazing technology based on GYTI's wholly or jointly owned IP, PPG will have exclusivity with respect to such IP under a separate agreement to be negotiated between the parties. If the parties do not come to agreement, the terms under which such IP will be used will be determined by binding arbitration. In addition, as a consequence of the DOE funding, the US government retains certain statutory IP rights.
More complete information regarding the agreement may be found in the form 8K filed with the SEC last week by GYTI.
About Gyrotron Technology -- (
http://www.gyrotrontech.com/ for additional information.
Forward-Looking Statements: This release and the materials referred to herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, as they are based on current expectations and assumptions concerning future events or future performance of GYTI. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties inherent herein and in publically available information on GYTI, including filings with the SEC. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.
Contact Information:
CONTACT INFORMATION
Dr. Vlad Sklyar
President
215-244-4740
Jack N. Mayer
Director
215-244-4740