SOURCE: GeckoSystems Intl. Corp.

May 27, 2011 00:05 ET

GeckoSystems Seeking Damages in Agreement Dispute

CONYERS, GA--(Marketwire - May 27, 2011) - GeckoSystems Intl. Corp, a dynamic leader in the emerging mobile robotics industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service™," (PINKSHEETS: GOSY) | (http://www.geckosystems.com/) -- announced today they have initiated binding arbitration (JAMS Ref. no. 1440003083) seeking damages for alleged violation of their Confidentiality Agreement signed and agreed to by Neil T. Wallace of Williamsburg, VA.

"We have used this Confidentiality Agreement for over ten years. Several first tier, Fortune 100 companies senior legal counsels have reviewed and signed off on this cost effective and time saving method of settling legal disputes. We expect a timely and just resolution in this dispute with Mr. Wallace. While we hope that the actual and punitive damages awarded to us will be a very large and not insignificant amount, at this time we do not know what the binding JAMS arbitration will award," commented Martin Spencer, President/CEO, GeckoSystems Intl. Corp.

JAMS is the largest private alternative dispute resolution (ADR) provider in the world. The Commencement of Arbitration was issued to both parties on May 18, 2011.

Salient points from GeckoSystems' Confidentiality Agreement:

For a period of five (5) years from the date of disclosure to Recipient, Recipient shall not disclose any Confidential Information of Owner to any person or entity except employees of Recipient and its affiliates who have a need to know and who have been informed of Recipient's obligations under this Confidentiality Agreement. Recipient shall use not less than the same degree of care to avoid disclosure of such Confidential Information as Recipient uses for its own confidential information of like importance.

All Confidential Information disclosed by Owner to Recipient under this Confidentiality Agreement in tangible form (including, without limitation, information incorporated in computer software or held in electronic storage media) shall be and remain property of Owner.

The parties acknowledge that Confidential Information is valuable and unique and that disclosure in breach of this Confidentiality Agreement will result in irreparable injury to Owner.

Each party hereby waives and gives up the right to a jury trial.

The parties agree that the JAMS judge shall have the broadest powers allowable under Georgia law to adjudicate the dispute, including the power to resolve all pretrial, post-trial and ancillary proceedings.

The arbitration shall be administered by JAMS in accordance with the JAMS procedures then in effect. Any statutes or limitations that would otherwise be applicable shall apply.

"We expect a fair and just settlement from JAMS in resolving this legal dispute with Mr. Wallace. We continue as a world leader in our 'mobile robot solutions for safety, security, and service' and look forward to providing our nearly 1400 shareholders the ROI they deserve for their vision and confidence in GeckoSystems," concluded Spencer.

About JAMS:

JAMS mediators and arbitrators successfully resolve cases ranging in size, industry and complexity, typically achieving results more efficiently and cost effectively than through litigation. JAMS neutrals are skilled in alternative dispute resolution (ADR) processes including mediation, arbitration, special master, discovery referee, project neutral, and dispute review board work.

JAMS has taken an industry-leading role to ensure arbitration remains an attractive alternative to litigation. In order to save clients time and money, JAMS has instituted new procedural options that allow the crafting of a process that is commensurate with the dispute. With JAMS new Optional Expedited Arbitration Procedures, parties can choose a process that limits depositions, document requests and e-discovery. When parties utilizing JAMS Comprehensive Arbitration Rules elect to use these procedures, they agree to the voluntary and informal exchange of all non-privileged documents and other information relevant to the dispute. These new rules, effective October 1, 2010, are an innovative step taken by JAMS to guarantee that its clients can have an efficient process if they choose.

http://www.jamsadr.com/

About the Company:

Since 1997, GeckoSystems has developed a comprehensive, coherent, and sufficient suite of hardware and software inventions to enable a new type of home appliance (a personal companion robot) the CareBot™, to be created for the mass consumer marketplace. The suite of primary inventions includes: GeckoNav™, GeckoChat™ and GeckoTrak™.

The primary market for this product is the family for use in eldercare, care for the chronically ill, and childcare. The primary distribution channel for this new home appliance is the thousands of independent personal computer retailers in the U.S. The manufacturing infrastructure for this new product category of mobile service robots is essentially the same as the personal computer industry. Several outside contract manufacturers have been identified and qualified their ability to produce up to 1,000 CareBots per month within four to six months.

The Company is market driven. At the time of founding, nearly 14 years ago, the Company did extensive primary market research to determine the demographic profile of the early adopters of the then proposed product line. Subsequent to, and based on that original market research, they have assembled numerous focus groups to evaluate the fit of the CareBot personal robot into the participant's lives and their expected usage. The Company has also frequently employed the Delphi market research methodology by contacting and interviewing senior executives, practitioners, and researchers knowledgeable in the area of elder care. Using this factual basis of internally performed primary and secondary market research, and third party research is the statistical substance for the Company's sales forecasts.

Not surprisingly the scientific statistical analyses applied revealed that elderly over sixty-five living alone in metropolitan areas with broadband Internet available and sufficient household incomes to support the increased costs were identified as those most likely to adopt initially. Due to the high cost of assisted living, nursing homes, etc. the payback for a CareBot is expected to be only six to eight months while keeping elderly care receivers independent, in their own long time homes, and living longer due to the comfort and safety of more frequent attention from their loved ones.

The Company's "mobile robot solutions for safety, security and service™" are appropriate not only for the consumer, but also professional healthcare, commercial security and defense markets. Professional healthcare require cost effective, timely errand running, portable telemedicine, etc. Homeland Security requires cost effective mobile robots to patrol and monitor public venues for weapons and WMD detection. Military users desire the elimination of the "man in the loop" to enable unmanned ground and air vehicles to not require constant human control and/or intervention.

The Company's business model is very much like that of an automobile manufacturer. Due to the final assembly, test, and shipping being done based on geographic and logistic realities; strategic business-to-business relationships can range from private labeling to joint manufacturing and distribution to licensing only.

Several dozen patent opportunities exist for the Company due to the many innovative and cost effective breakthroughs embodied not only in GeckoNav, GeckoChat, and GeckoTrak, but also in additional, secondary systems that include: GeckoOrient™, GeckoMotorController™, the GeckoTactileShroud™, the GeckoImager™, and the GeckoSPIO™.

Safe Harbor:

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

Contact Information

  • GeckoSystems Intl. Corp.
    Telephone:
    Main number: 1-866-CAREBOT (227-3268)
    International: +1 678-413-9236
    Fax: +1 678-413-9247