May 4, 2005
Maritrans and Penn Maritime settle lawsuit
Maritrans Inc. (NYSE:TUG), today said that it has agreed to settle its pending lawsuit against Penn Maritime Inc. and Penn Tug & Barge Inc. (together "Penn Maritime") on Maritrans' claims for patent infringement and misappropriation of trade secrets.
Maritrans says that Penn Maritime has agreed to pay $4 million to settle all of Maritrans' claims and that Penn Maritime has agreed that the Court will issue a judgment attesting to the validity of Maritrans' patents for the process of converting single hull barges to double hull.
Maritrans agreed to give Penn Maritime a license of Maritrans' patent covering all barges presently owned by Penn Maritime. The $4 million payment is to be made by June 1, 2005. The settlement is subject to the execution of definitive releases and settlement documentation.