CALGARY, ALBERTA--(Marketwired - April 9, 2013) - We are pleased to announce that the litigation dispute over ownership of the ParkPlus System™ has been settled. The ParkPlus System™ is a state-of-the-art parking management system currently in use in Calgary. The ParkPlus System™ is probably the only fully-integrated parking management system in the world. It was developed and implemented by the collaborative and innovative work of the members of the management team at the Calgary Parking Authority ("CPA"). At the time, Dale Fraser and Allan Bazar were members of that team and CPA acknowledges their valuable participation and contribution to the ParkPlus System™.
The litigation commenced last October and the dispute over ownership of the ParkPlus System™ has been settled pursuant to the terms of a confidential settlement agreement entered into by the parties to the litigation. Although there are confidentiality obligations under the settlement agreement, the parties have agreed to disclosure of the following information:
(1) The Defendants, Dale Fraser, Allan Bazar and 1707626 Alberta Ltd., (now Intelli-Park Corporation) acknowledge that the City of Calgary and CPA are the exclusive owners of the ParkPlus System™ and that none of the Defendants has any right, title or interest whatsoever in the ParkPlus System™;
(2) While the ParkPlus System™ is valuable and all necessary consideration for settlement is acknowledged, there is no payment by the City of Calgary or CPA of any money whatsoever to any of the Defendants or any other person;
(3) The claims and counterclaims in the action will be wholly discontinued without costs; and
(4) The parties release each other from all claims and counterclaims in the action including any claims relating to the ParkPlus System™ or the employment of Dale Fraser and Allan Bazar with the City of Calgary and CPA.
By August 2013, the City of Calgary and CPA expect to initiate a request for proposals to commercialize the ParkPlus System™ and monetize patent rights associated therewith. They will retain the right to control use of the ParkPlus System™ in Alberta but intend to license use of and/or sell the ParkPlus System™ and associated patent rights to one or more entities for distribution outside of Alberta, throughout the rest of North America and worldwide. It is anticipated that this will generate a return to the CPA on its investment in this innovative state-of-the-art parking management system for the benefit of the City of Calgary and its citizens.
The Calgary Parking Authority fulfills the City of Calgary's parking mandates and implements the municipality's parking policies by managing on and off-street public parking facilities, enforcement programs and by providing parking advisory services.
The Calgary Parking Authority operates without using any municipal tax revenues.