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SilverFox Innovations Agrees to $1.1 Million Settlement for Misappropriating Trade Secrets from Chromatic Technologies Inc.

Thursday, February 11, 2016

Press release from the issuing company

COLORADO SPRINGS, Colorado - Chromatic Technologies Inc. (CTI) announces that SilverFox Innovations has agreed to a $1.1 million settlement and a 10-year permanent injunction, following a June 5, 2015 jury verdict that found, beyond a reasonable doubt, that four former CTI employees misappropriated trade secrets and that their actions were attended by circumstances of fraud, malice, or willful and wanton conduct.

“CTI is happy with the jury verdict and the settlement payment.  We have extensive intellectual property and trade secrets and will aggressively defend them,” said CTI Founder Lyle Small.  “We were shocked and disappointed that four former employees chose to take company secrets and use them against us. The potential consequences of a damages trial could have been devastating for the defendants.  We decided that allowing the SilverFox principals this settlement was a reasonable gesture to let everyone get on with their lives.”

The four individual defendants, Rob Ugianskis, Eric Cathie, Jake Melcher and John Davis, are bound to a 10-year Permanent Injunction issued by the El Paso County, Colorado District Court, prohibiting them from serving in any sales or technical support capacity for thermochromic (temperature-sensitive) metal decorating ink products.

 

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