Galaxy Nutritional Foods Announces Settlement with Schreiber Foods
11 Mayo 2004 - 4:45PM
PR Newswire (US)
Galaxy Nutritional Foods Announces Settlement with Schreiber Foods
ORLANDO, Fla., May 11 /PRNewswire-FirstCall/ -- Galaxy Nutritional
Foods, Inc. , a leading producer of nutritious plant-based dairy
alternatives for the retail and foodservice markets, today
announced that it has reached an out-of-court settlement in a
lawsuit filed by Schreiber Foods, Inc. (Schreiber) against Galaxy,
which alleged various acts of patent infringement. In a settlement
agreement, the parties have agreed to have all claims in the patent
infringement lawsuit dismissed. Pursuant to this settlement, Galaxy
and Schreiber have also entered into a licensing agreement that
permits Galaxy to continue using the manufacturing equipment named
in the lawsuit. There was no financial consideration in either the
settlement of the lawsuit or the licensing agreement. The term of
the license extends through the life of all patents named in the
lawsuit (and all related patents) and is assignable by Galaxy.
About Galaxy Nutritional Foods, Inc. Galaxy Nutritional Foods is
the leading producer of great-tasting, health- promoting
plant-based dairy and dairy-related alternatives for the retail and
foodservice markets. These phytonutrient-enriched products, made
from nature's best grains -- soy, rice and oats -- are low- and
no-fat (no saturated fat and no trans-fatty acids), have no
cholesterol, no lactose, are growth hormone and antibiotic free and
have more calcium, vitamins and minerals than conventional dairy
products. Because they are made with plant proteins, they are more
environmentally friendly and economically efficient than dairy
products derived solely from animal proteins. Galaxy's products are
part of the nutritional or functional foods category, the fastest
growing segment of the retail food market. Galaxy brand names
include: Galaxy Nutritional Foods(R), Veggie(R), Veggie Nature's
Alternative to Milk(R), Veggie Slices(R), Soyco(R), Soymage(R),
Wholesome Valley(R), formagg(R) and Lite Bakery(R). For more
information, please visit Galaxy's website at
http://www.galaxyfoods.com/ . This press release contains
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties or other
factors which may cause actual results, performance or achievements
of the company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place
undue reliance on those forward-looking statements, which speak
only as of the date hereof. The company undertakes no obligation to
release publicly any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect unanticipated events or developments. DATASOURCE: Galaxy
Nutritional Foods, Inc. CONTACT: Dawn M. Robert, Investor Relations
for Galaxy Nutritional Foods, Inc., +1-407-854-0433 Web site:
http://www.galaxyfoods.com/
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