IAS Communications, Inc. Announces Settlement Agreement Completed on CTHA Technology with West Virginia University Research Corporation
VANCOUVER, B.C.
IAS Communications, Inc.
John Robertson, 1-800-665-4616
IAS Communications, Inc. (OTCBB:IASCA) is pleased to announce that a Settlement and Release Agreement has been completed with West Virginia University Research Corporation (WVURC) regarding the CTHA technology sublicense. WVURC agrees to waive the US$315,778.50 research and development payment due from IAS in consideration for the termination of the IAS sublicense agreement with Integral Concepts Inc. (Dr. James Smith Company). IAS and WVURC agreed to license the CTHA technology back to IAS on a nonexclusive basis for the worldwide rights. IAS will unconditionally release and discharge WVURC and related parties from all claims IAS may have against them. Dr. James Smith agrees to sell his entire share position of IAS shares to an existing IAS shareholder. IAS will continue to pay a minimum royalty fee of US$3,000 to WVURC and a royalty of 10% of the net sales, whichever is greater.
ABOUT IAS COMMUNICATIONS, INC.
The CTHA technology is a low profile antenna, which can be incorporated on a circuit board.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson
President
Statements in this press release regarding IAS Communications, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including the impact of competitive products and pricing, the need to raise additional capital, uncertain markets for the Company's products and services, the Company's dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Company or develop or license other functionally equivalent technologies.
