Strat Aero has settled all litigation and claims arising from its dispute with W. Hulsey Smith, the chief executive of Aero Kinetics Holdings.
Under the terms of the settlement, Strat Aero disclaims any allegations of fraud against Smith and will issue him 44,750,645 new ordinary shares, representing approximately 11.75% of the company's enlarged issued share capital. Strat Aero has also made a cash payment to him of US$75,000.
As a result of the settlement, both Strat Aero and Smith are released from all current and future claims relating to the company's acquisition of Aero Kinetics and all debt and loan obligations relating to the company's acquisition of Aero Kinetics are deemed to have either been satisfied or written off.
Both parties have agreed to dismiss all pending litigation between them which is subject to certain procedural formalities.
At 9:25am: (LON:AERO) Strat Aero Plc share price was +0.35p at 1.05p