SANTA CLARA, Calif., March 9, 2016 /PRNewswire/ -- UniPixel, Inc. (NASDAQ: UNXL), a provider of Performance Engineered Films™ to the touch screen and flexible electronics markets, today announced that without admitting or denying the allegations, it has agreed to pay $750,000 over almost three years to settle charges by the SEC that its former management team misled investors about the production status and sales agreements for a key product. As previously disclosed by the Company on November 19, 2013, and continuously stated in its public filings on Form 10-Q and 10-K with the SEC since that date, the Company learned that the Fort Worth Regional Office of the U.S. Securities and Exchange Commission (the "SEC") issued subpoenas concerning the Company's agreements related to its prior InTouch™ Sensors, which the Company is no longer manufacturing. Current management of UniPixel, none of whom were involved in the events under the investigation, cooperated fully with the SEC regarding this non-public, fact-finding inquiry. Ultimately the Company agreed to a pay a civil penalty over a term of almost three years for the payment.
Information regarding the complaint and settlement is set forth in the SEC's press release which can be found here -- http://www.sec.gov/news/pressrelease/2016-45.html
Jeff Hawthorne, president and chief executive officer of UniPixel, commented, "This was a matter dating back to actions primarily taking place in 2013 which involved prior management of the Company. Without admitting or denying the allegations of the SEC's complaint, the Company has consented to a judgment which the parties have asked the court to enter. Our new management team has put in place best practices in corporate governance and accounting. In addition, current management takes great pains to accurately report its financial results and the status of its various technology programs. We are pleased to have this behind us and are focused on growing our business in the coming years. None of the prior senior management team are employed by UniPixel today."
The Company continues to expand its customer base and is pleased to see an end to the discussions with the SEC on this matter.
About UniPixel UniPixel, Inc. (NASDAQ: UNXL) develops and markets Performance Engineered Films for the touch screen and flexible electronics markets. The Company's roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch™ and Diamond Guard™ brands. For further information, visit www.unipixel.com.
Forward-looking Statements All statements in this news release that are not based on historical fact are "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, including the statement regarding growth of our business. Such statements contain words such as "will," and "expect," or the negative thereof or comparable terminology. These statements are based on management's current expectations. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. These risks, uncertainties, and other factors include, but are not limited to, the ability to recognize revenues, the ability to extend product offerings into new areas or products, the ability to compete in our currents markets, the ability to commercialize licensed technology, unexpected occurrences that deter the "bring to market" plan for products, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, our ability to attract and retain qualified personnel, our ability to raise additional capital, the ability to move product sales to production levels, the success of product sales in new markets or of recently produced product offerings, the ability to enforce our intellectual property rights and those set forth under Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014 and other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to UniPixel as of the date hereof, and UniPixel assumes no obligation to update any forward-looking statement.
Contact: Joe Diaz, Robert Blum, Joe Dorame Lytham Partners, LLC 602-889-9700 firstname.lastname@example.org
SOURCE UniPixel, Inc.