Power Electronics

Battery Manufacturer Settles Lawsuit

Oak Ridge Micro-Energy, a developer and manufacturer of thin-film rechargeable Li-ion batteries, has settled its lawsuit, Oak Ridge Micro-Energy vs. Timothy Rock, Andrew Goodell, Water & Gold Inc. and Jeffery Kohutka. All shares that were subject to the preliminary injunction will be immediately returned to the Company and the earlier orders finding violations by the defendants will be vacated. Mark Meriwether, President and CEO of Oak Ridge Micro-Energy, stated, "We are very happy to have this behind us and look forward to a prosperous future."

Prior to this development, the Salt Lake County Third Judicial Court granted Oak Ridge Micro-Energy partial summary judgment in its case against Timothy Rock, Andrew Goodell, Water & Gold Inc. and Jeffery Kohutka. The court found as a matter of law that Rock, Goodell, Water & Gold and Kohutka each made misrepresentations in connection with the purchase of a security in violation of Section 61-1-1, Fraud Unlawful, of the Utah Uniform Securities Act.

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