Sept 22 (Reuters) - LoJack Corp:
* Enters into agreement to settle all pending disputes with former licensee in
China
* Says all cases relating to the November 2007 termination oflicense agreement
between parties will be dismissed
* On an after tax basis, the settlement will have a net impact of approximately
$13.6 million in Q3
* Agreement provides it and LoJack equipment Ireland limited will pay former
licensee about $18.3 million by September 25
* Says entered into a waiver agreement with the company's lending institutions
* Says kington and their affiliates are precluded from acquiring any equity
interest in LoJack
* Says waiver agreement provides the company with a limited waiver through
December 30, 2009
* Says as part of the waiver, the lenders will not make new loans or issue new
letters of credit under the credit agreement
* Kington holdings limited and affiliates are precluded from acquiring any
equity interest in co for three years
* Says currently negotiating to amend or replace its credit facility
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Enters into agreement to settle all pending disputes with former licensee in
China
* Says all cases relating to the November 2007 termination oflicense agreement
between parties will be dismissed
* On an after tax basis, the settlement will have a net impact of approximately
$13.6 million in Q3
* Agreement provides it and LoJack equipment Ireland limited will pay former
licensee about $18.3 million by September 25
* Says entered into a waiver agreement with the company's lending institutions
* Says kington and their affiliates are precluded from acquiring any equity
interest in LoJack
* Says waiver agreement provides the company with a limited waiver through
December 30, 2009
* Says as part of the waiver, the lenders will not make new loans or issue new
letters of credit under the credit agreement
* Kington holdings limited and affiliates are precluded from acquiring any
equity interest in co for three years
* Says currently negotiating to amend or replace its credit facility
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
