Astro-Med, Inc. Wins $1.5 Million Employee Non-Compete Agreement Suit
Astro-Med, Inc., (NASDAQ: ALOT) announced today that it has collected $1,495,000 in damages from a lawsuit it filed against a former employee and a competitor business. At issue was the non-competition agreement which the employee had signed as a condition of employment with Grass Technologies, an Astro-Med, Inc. subsidiary.
A jury for the United States District Court for Rhode Island found that the competitor business, Nihon-Kohden America, encouraged the former employee to violate his employment agreement by soliciting business on its behalf while the employee was still bound by the non-competition provisions of his employment agreement with Astro-Med, Inc.
Commenting on the victory, Albert W. Ondis, Chairman and CEO of Astro-Med, Inc., said: “Astro-Med honors all its contracts with customers, suppliers, and employees to a ‘T’. As a business, our word is our bond. We expect to be judged on the strength of our adherence to our obligations, and we expect our employees to honor their contracts to our company with equal dedication. This victory sends a clear message to our competitors and to the community at large about how seriously we view contractual obligations.”
“I wish to personally express our admiration and gratitude to our lawyers, Craig Scott of Scott & Bush, Ltd. and Stacey P. Nakasian of Duffy & Sweeney, Ltd., who ably and aggressively defended Astro-Med, Inc’s rights as an employer,” Ondis continued.
About Astro-Med, Inc.
Astro-Med, Inc. is a leading manufacturer of specialty high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments. Astro-Med, Inc. products are sold under the brand names Astro-Med(R), Grass(R) Technologies and QuickLabel(R) Systems, and are employed around the world in a wide range of aerospace, medical, military, industrial, and packaging applications. Astro-Med, Inc. is a member of the Russell Microcap(R) Index. Additional information is available by visiting www.Astro-MedInc.com.
Safe Harbor Statement
This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include those mentioned in Astro-Med’s FY2009 annual report and its annual and quarterly filings with the Securities and Exchange Commission.
Contact: Albert W. Ondis CEO Joseph P. O'Connell CFO Tel: 800-343-4039 www.Astro-MedInc.com
SOURCE: Astro-Med, Inc.
http://www.Astro-MedInc.com