Virtra Systems Announces Dismissal of ETPI Lawsuit
This article comes from Highwaygames.com
VirTra Systems, Inc. have announced that Entertainment Technologies & Programs, Inc. ("ETPI") has agreed to dismiss the lawsuit ETPI filed regarding the company's September, 2001 merger with Ferris Productions, Inc. VirTra Systems has in return agreed to dismiss its counterclaims against ETPI. "We are pleased to have this action behind us," commented L. Kelly Jones, VirTra Systems' chief executive officer. "We are relieved that ETPI's newmanagement regime has chosen not to pursue this claim."
"After our March presentation in Houston, representatives of ETPI's new management team requested a meeting to discuss the relationship between our companies. During this meeting, we jointly agreed that our efforts were best channeled toward developing positive business relationships between the two companies. VirTra Systems has agreed to make ETPI a non-exclusive distributor of our virtual reality entertainment products. With ETPI's long-standing governmental relations, we believe this creates a significant expansion opportunity for VirTra Systems and a win-win relationship for both companies," Jones concluded. "We at ETPI are pleased to have reached an amiable resolution with VirTra Systems," commented George C Woods, ETPI's president and chief financial officer. "VirTra Systems has some exciting technology, and we are excited about distributing these products and developing this new business relationship."
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