November 3rd 2003
After nearly three years of protracted legal manoeuvring, Innovative
Solutions International Inc., has withdrawn all claims it has made in its $5
Million demand for arbitration against Wx Systems/Wavionix Software Limited,
and Patrick Aisher, and Nils Lundstrom.
Marisa Mathiesen, the Case Manager for the American Arbitrators
Association, informed Wx Systems that ISI Inc. and its lawyers had confirmed
that they wished to withdraw all claims today.
Innovative Solutions International Inc. (ISI) originally held 52% of the
stock in a joint venture company created with Wavionix software called WISI
Inc. In its arbitration claim, dated
May 4th 2001, ISI alleged that Wx Systems/Wavionix had created "a
calculated scheme to undermine the business of WISI, through violation of the
joint venture's covenants, breach of fiduciary duties, and conversion of
intellectual property rights".
Wavionix, and its Directors, instantly denied all these allegations
directly, and through the American Arbitration Association, and the
International Center for Dispute Resolution, and consequently demanded that ISI
either demonstrate evidence of their case or withdraw their claim. Wx Systems/
Wavionix disassociated itself entirely from WISI by returning all its shares in
the Joint Venture in February 2003.
"In the interim period", said Wavionix Director Patrick Markus
Aisher, "Innovative Solutions International Inc. has failed to provide the
required evidence, and also missed every deadline provided by the AAA and ICDR
to demonstrate their case!"
Wavionix/Wx Systems is currently receiving further legal advice in order
to determine how it wished to proceed.