07/05/2018 | Press release | Distributed by Public on 07/05/2018 06:39
Crossroads Systems Announces Settlement of Lawsuit with Dot Hill Systems, Corp.
DALLAS, July 5, 2018/PRNewswire / -- Crossroads Systems, Inc. (OTC Pink: CRSS), a holding company focused on investing in businesses that promote economic vitality and community development, reported that the lawsuit with Dot Hill Systems, Corp. has been settled. In the settlement of the lawsuit, styled Crossroads Systems, Inc. v. Dot Hill Systems Corp., Cause No. 1:13-cv-800-SS, Dot Hill and Crossroads settled all claims and counterclaims and have mutually released one another from any outstanding claims against one another.
Separately, Crossroads and Dot Hillamended the existing patent license agreement between the parties to reflect a fully paid up license in exchange for a one-time $975,000payment.
About Crossroads Systems
Crossroads Systems, Inc. (OTC Pink: CRSS), is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads' subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp which supports Hispanic homeownership with a long term, fixed rate single family mortgage product.
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and Capital Plus Financial and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, 'believe,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'plan,' 'targets,' 'likely,' 'will,' 'would,' 'could,' and similar expressions or phrases identify forward-looking statements. Forward- looking statements include, but are not limited to, statements about Crossroads Systems' and Capital Plus Financial's ability to implement their business strategy, and their ability to achieve or maintain profitability. The future performance of Crossroads Systems and Capital Plus Financial may be adversely affected by the following risks and uncertainties: economic changes affecting homeownership in the geographies where Capital Plus Financial conducts business, developments in lending markets that may not align with Capital Plus Financial's expectations and that may affect Capital Plus Financial's plans to grow its portfolio, variations in quarterly results, developments in litigation to which we may be a party, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' annual and quarterly reports. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
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Zintel Public Relations
SOURCE Crossroads Systems