PHILADELPHIA, Sept. 14, 2016 /PRNewswire/ -- PeroxyChem and Innovative Environmental Technologies, Inc. (IET) announced today they have entered into a settlement agreement and patent license agreements that resolve currently outstanding disputes between the two companies.
In conjunction with these agreements, IET will receive a non-exclusive license under PeroxyChem's United States Patent No. 7,785,038 and PeroxyChem will receive a non-exclusive license under IET's United States Patent No. 7,531,709.
"We are pleased to have constructively resolved this matter with IET," said Bruce Lerner, CEO, PeroxyChem. "This settlement allows us to focus our full energy and resources on working collaboratively with our customers to achieve their remediation objectives."
"We believe the bilateral recognition of our companies' intellectual properties is a positive development for the environmental remediation market, and is in the best interest of both our companies' customers," said Michael Scalzi, president of IET.
PeroxyChem is a global leader in peroxygen and adjacent chemistries. The company employs approximately 550 people throughout the world, with facilities in North America, Europe and Asia. With an unyielding commitment to safety at its core and backed by an exceptional team, the company prides itself on exemplary customer service, product quality, reliability and technical service. PeroxyChem manufactures high quality products and innovative applications developed as a result of innovation and superior technical expertise. We supply customized chemistries for electronics, energy, environmental, food safety, pulp, paper, polymer, and other industrial and consumer markets.
About Innovative Environmental Technologies
Innovative Environmental Technologies, Inc. (IET) is the oldest and most respected remedial contractor providing patented and licensed in-situ injection services in the United States. Formed in 1998, IET provides turn-key design and implementation services to environmental consulting companies. Since 1998, IET has designed and implemented over 1,000 in-situ remediation projects. IET is committed to providing the most appropriate and cost-effective technology based solutions for a wide variety of impacted soils and groundwater. IET's fifteen in-house patented, patent pending and licensed technologies allow for the in-situ treatment of chlorinated solvents, petroleum hydro carbons, pesticides and heavy metals.
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