FRISBY TECHNOLOGIES, INC. announced that its Motion for Partial Summary Judgment on Non-Infringement in its outstanding litigation with OUTLAST Technologies, Inc. was granted on January 14th, 2004 by United States Magistrate Judge B.N. Boland.
The Company has been operating under Chapter 11 (Reorganization) of the Federal Bankruptcy Code since January 16th, 2003. Since that time Frisby has made significant cost and strategic changes to improve its focus and profitability. Frisby also sold certain assets to Carl Freudenberg, KG in June 2003 and is still considering letters of intent to purchase the remaining assets from potential investor-owners.
According to Chief Restructuring Officer Mark Gillis, “The Company is very pleased with the decision and we believe that this clears the air surrounding a key concern of potential investors and creates a positive path for a final disposition in the bankruptcy case.”