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May 19, 2014
08:03 EDTSLPSimulations Plus announces agreement with TSRL
Simulations Plus announced that it has entered into a Termination and Non-Assertion Agreement with TSRL, Inc., a Michigan corporation. Under the terms of the Agreement, the Company and TSRL agreed to terminate that certain Exclusive Software Licensing Agreement dated June 30, 1997, under which TSRL licensed to the company certain Software Technology and Databases, and pursuant to which the company paid royalties to TSRL. Pursuant to the Agreement, TSRL has relinquished any rights and claims to any GastroPlus Products and to any claims to royalties or other payments under the License Agreement. Pursuant to the Agreement, the Company agreed not to assert any claims against TSRL or its affiliates on account of the development, marketing, sale or use by TSRL or its affiliates of any content licensed by TSRL to the Company pursuant to the License Agreement, provided that the foregoing does not apply to any development, marketing, sale or use of GastroPlus Products by TSRL, its affiliates, licensees, or direct or indirect customers or distributors. Under the Agreement, the Company will pay TSRL total consideration of $6M.
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