MediVet-America LLC and Vet-Stem Inc. Reach Agreement

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MediVet-America

24 Nov, 2010, 01:17 ET

SAN DIEGO, Nov. 24, 2010 /PRNewswire/ -- An agreement has been reached between MediVet-America LLC and Vet- Stem Inc., settling their civil litigation in U.S. District Court, Southern District of California.

In reaching the amicable settlement, the parties agreed to withdraw all claims and counterclaims asserted in the lawsuit. MediVet-America will rename its StemVet Science products.  Vet-Stem and MediVet-America agreed to an 18-month moratorium on any litigation related to the current lawsuit and additionally that neither side will assert any patent infringement during this period.

Vet-Stem and MediVet-America agree, without endorsement of either company's specific offerings, that it is possible to safely process stem cells using an in-clinic kit/system environment, and that it is possible to ship cells in a safe manner to and from a central lab.

The principals of both companies are pleased with this outcome and are excited to get back to business. "This agreement is the start of a mutual understanding and respect between our companies and management," said Jeremy Delk, Managing Director of MediVet-America, and Bob Harman, CEO of Vet-Stem.

In settling the lawsuit, MediVet-America and Vet-Stem also agreed to advertise and promote only factual data regarding the methods, results, technologies and safety of their respective systems, and agreed that any comparisons used in promotions must be supported by objective data when named or referenced directly.

Both companies share the same goal of helping animals in pain and this agreement allows both companies to put the focus back in what is important.  One benefit of the litigation, according to the parties, is that they have resolved to keep the lines of communication open in the future, should questions or disputes arise in the course of business.  Open lines of communication, a respect for each other's efforts and a focus on the successful management of the companies, all for the good of the animals they ultimately serve, were the goals of this settlement, according to Delk and Harman.

CONTACT:

Bob De Witt

Roberts Communications

412-527-8483

SOURCE MediVet-America

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