LoJack Obtains $36 Million Judgment in Breach of Contract Case Against Clare, Inc.
February 09 2006 - 7:00AM
PR Newswire (US)
WESTWOOD, Mass., Feb. 9 /PRNewswire-FirstCall/ -- LoJack
Corporation (NASDAQ:LOJN) today announced that a jury in the
Superior Court of Norfolk County, Massachusetts returned a verdict
in favor of LoJack in its breach of contract suit against Clare,
Inc. (Clare), a wholly owned subsidiary of IXYS Corporation
(NASDAQ:SYXI). The jury found that Clare had breached its contract
with LoJack, returned a verdict in favor of LoJack, and awarded
damages in the amount of $ 36,700,000. The Company expects that the
Court will enter judgment on the verdict and add pre-judgment
interest at the rate of 12% per annum from March 1, 2002, the date
of breach. The Company estimates that pre-judgment interest will
amount to approximately $17.3 M, for a total judgment of
approximately $54 M. LoJack contracted with Clare in June of 2000
to develop and produce a next generation LoJack unit. It did not do
so. The damages award is to compensate LoJack for the additional
cost of retaining another firm to develop and produce the unit and
for the higher interim product cost it incurred. LoJack anticipates
that Clare will appeal the judgment to the Massachusetts Appeals
Court. About LoJack Corporation LoJack Corporation, the premier
worldwide marketer of wireless tracking and recovery systems for
valuable mobile assets, is the undisputed leader in global stolen
vehicle recovery. Its Stolen Vehicle Recovery System delivers a
better than 90% success rate and has helped recover more than $3
billion in global assets. The system is uniquely integrated into
law enforcement agencies in the United States that use LoJack's
in-vehicle tracking equipment to recover stolen assets, including
cars, trucks, commercial vehicles, construction equipment and
motorcycles. Today LoJack operates in 24 states and the District of
Columbia, representing areas of the country with the greatest
population density, and highest number of new vehicle sales and
incidence of vehicle theft. In addition, LoJack technology is
utilized by law enforcement and security organizations in more than
25 countries throughout Europe, Africa, Latin America and Asia.
Contact: Joseph F. Abely Chief Executive Officer (781) 251-4119
Paul McMahon Dir. Corp. Communications (781) 251-4130 Laura Feng
Tier One Partners (978) 975-1414 John Swanson Swanson
Communications, Inc. (217) 285-4967 First Call Analyst: FCMN
Contact: DATASOURCE: LoJack Corporation CONTACT: Joseph F. Abely,
Chief Executive Officer, +1-781-251-4119, and Paul McMahon, Dir.
Corp. Communications, +1-781-251-4130, both of LoJack Corporation;
Laura Feng, Tier One Partners, +1-978-975-1414; John Swanson,
Swanson Communications, Inc., +1-217-285-4967 Web site:
http://www.lojack.com/
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