Arista Power Files Lawsuit Against Ultralife Corporation Seeking Damages in Excess of $60 Million
ROCHESTER, N.Y., Dec. 5, 2011 /PRNewswire/ -- Arista Power, Inc. ("Arista Power" or the "Company") (OTCBB: ASPW), a manufacturer, designer and integrator of renewable energy generation, management and distribution systems, announced today that it has filed a lawsuit against Ultralife Corporation ("Ultralife") and certain of its officers, directors and employees alleging, among other things, Fraud, Unfair Competition, Misappropriation of Trade Secrets and Breach of Contract.
The lawsuit, which was filed in the State of New York Supreme Court, County of Monroe, alleges that in November 2009, certain Ultralife officers signed Confidentiality Agreements and visited the headquarters of Arista Power to determine whether Ultralife would be interested in working together with Arista Power on Arista Power's Mobile Renewable Energy Trailer ("MRPS").
Arista Power began developing and designing the MRPS in April 2009. The MRPS includes, among other things, a battery system for storing electricity created by an integrated wind turbine, solar PV, fuel cells and/or generators. Arista Power has sold the MRPS to U.S. government agencies, including the U.S. Army and the Federal Bureau of Investigation.
The lawsuit alleges that during the November 2009 visit to Arista Power's headquarters, the Ultralife officers received confidential information from Arista Power regarding the engineering and potential applications of the MRPS, particularly for use by the U.S. military. The lawsuit further alleges that at the November 2009 meeting the two Ultralife representatives acknowledged and verified to Arista Power that Ultralife had no product that was either in development or production that was similar to, or competed with, the MRPS. During 2010, Arista Power continued to provide confidential information relating to the MRPS to Ultralife. On December 13, 2010, Ultralife advised Arista Power that it was not interested in working on the MRPS.
The lawsuit further alleges that throughout 2010 Ultralife developed a competing product to the MRPS, called the Gen Set Eliminator System. The lawsuit further alleges that Ultralife used a significant amount of the confidential information of Arista Power in the development of its Gen Set Eliminator System, and is in direct competition with Arista Power's MRPS, both in design, scope, purpose and customer interest.
Arista Power is seeking damages from the defendants of no less than $60 million plus costs and attorneys fees.
About Arista Power, Inc.
Arista Power, Inc. is a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, WindTamer wind turbines, and a supplier and designer of solar energy systems. Arista Power's patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells, and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. Arista Power also sells a Mobile Renewable Power Station that generates wind and solar energy that is stored in an onboard storage device for military and other applications, and a stationary, scalable Renewable Power Station that can be drop-shipped to off-grid locations to be used as a 'micro-grid.' Arista Power's diffuser-augmented WindTamer wind turbine utilizes a patented technology for the production of electrical power. For more information on Arista Power, go to www.aristapower.com.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Arista Power, Inc. cautions investors not to place undue reliance on forward-looking statements, which reflect Arista Power's analysis only as of today's date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. Arista Power undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect Arista Power's financial results, is included in Arista Power's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
SOURCE Arista Power, Inc.
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