BRADENTON, FLORIDA--(Marketwire - May 19, 2011) - Intertape Polymer Group Inc. (TSX:ITP) ("Intertape") announced today that it has reached an amicable settlement with Inspired Technologies, Inc. ("ITI") of all outstanding litigation between the two companies. Pursuant to the terms of the settlement, Intertape will pay ITI approximately $950,000 as a full and complete settlement.
"While Intertape does not believe its actions were a breach of the agreements between both parties, after carefully considering the costs of continued litigation and the inherent uncertainty in this type of action, management concluded that a settlement was in the best interest of the Company, its shareholders and employees," stated Gregory A. Yull, President and CEO of Intertape.
About Intertape Polymer Group
Intertape Polymer Group is a recognized leader in the development and manufacture of specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, Intertape employs approximately 2,000 employees with operations in 17 locations, including 12 manufacturing facilities in North America and one in Europe.
Safe Harbor Statement
Certain statements and information included in this press release constitute forward-looking information within the meaning of applicable Canadian securities legislation and the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from Intertape's expected results. The risk factors are contained in Intertape's filings with the Canadian securities regulators and the U.S. Securities and Exchange Commission. While Intertape may elect to, it is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time.
Contact Information:
Pierre Boucher
514-731-0000