BEIJING, September 29 /PRNewswire/ --
- Claim Stems from LoJack's Termination of China Technology License
Kington Holdings Ltd ("Kington") announced today that it has filed a counterclaim in proceedings with the American Arbitration Association against LoJack Equipment Ireland Ltd ("LoJack Ireland"), a subsidiary of LoJack Corporation (Nasdaq: LOJN) ("LoJack"), a provider of recovery systems for stolen vehicles.
The dispute arose from LoJack Ireland's termination of a Technology License agreement for China on 12th November 2007, after which LoJack filed for arbitration for alleged damages in the amount of US$5,000,000 and enforcement of certain post-termination provisions.
In its defense and counter-claim, Kington asserts that the termination was unlawful and denies all of LoJack Ireland's allegations including that the company is subject to any post termination obligations.
Kington's counterclaim seeks US$269.2 million in damages for breach of contract, plus an additional award of treble damages. The claimed amount is for lost profit and expenses based on projections originally approved by LoJack and for unfair trade practices.
Kington stated that it intends to pursue its claim against LoJack Ireland and LoJack through arbitration and other legal avenues to achieve full satisfaction of its claims.
About Kington
Kington Holdings Ltd. is a Cyprus company headquartered in Beijing PRC, set up pursuant to agreement with LoJack to operate the License in China.
Media contact: Romy T. Arambulo Edelman Tel: +852-2837-4727 Fax: +852-2804-1303 Email: romy.arambulo@edelman.com
Romy T. Arambulo of Edelman, +852-2837-4727, fax, +852-2804-1303, romy.arambulo@edelman.com for Kington Holdings Ltd
