Paradigm Medical Industries, Inc. (OTCBB: PMED), a leader in glaucoma diagnostic and management devices, announced today it has settled the last of its currently active lawsuits against the Company. The Company disclosed it had reached an out-of-court settlement with Larry Hicks, a former consultant. Terms were not disclosed.
In 2006, Paradigm Medical resolved two suits filed by former employees via summary judgments in favor of the Company. Paradigm Medical also resolved several class-action suits out of court in 2005. All of these lawsuits, including Hicks and the class action suits, were filed in 2003.
“We can now fully concentrate on our core business of developing, manufacturing and marketing of diagnostic glaucoma equipment that we provide to the ophthalmic industry,” said Paradigm Medical’s Chief Executive Officer, Raymond Cannefax. “Management has spent substantial time defending the Company in these suits. We can now have full focus in implementing our strategies and business plan.”
Paradigm Medical Industries, Inc., is a leader in Ultrasound devices, and glaucoma detection and management products.
This press release contains statements that, if not verifiable historic fact, may be viewed as forward-looking statements that could predict future events and outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Paradigm Medical Industries, Inc.
Joy Roop, 801-977-8970
www.paradigm-medical.com