Arista Power Files Lawsuit Against Ultralife Corporation Seeking Damages in Excess of $60 Million

Orlando, FL 12/5/11 (StreetBeat) --Arista Power, Inc. (OTCBB: ASPW), a manufacturer, designer and integrator of renewable energy generation, management and distribution systems, announced today that it has filed a lawsuit against Ultralife Corporation and certain of its officers, directors and employees alleging, among other things, Fraud, Unfair Competition, Misappropriation of Trade Secrets and Breach of Contract.

The lawsuit, which was filed in the State of New York Supreme Court, County of Monroe , alleges that in November 2009, certain Ultralife officers signed Confidentiality Agreements and visited the headquarters of Arista Power to determine whether Ultralife would be interested in working together with Arista Power on Arista Power's Mobile Renewable Energy Trailer ("MRPS").
Arista Power began developing and designing the MRPS in April 2009. The MRPS includes, among other things, a battery system for storing electricity created by an integrated wind turbine, solar PV, fuel cells and/or generators. Arista Power has sold the MRPS to U.S. government agencies, including the U.S. Army and the Federal Bureau of Investigation.

The lawsuit alleges that during the November 2009 visit to Arista Power's headquarters, the Ultralife officers received confidential information from Arista Power regarding the engineering and potential applications of the MRPS, particularly for use by the U.S. military. The lawsuit further alleges that at the November 2009 meeting the two Ultralife representatives acknowledged and verified to Arista Power that Ultralife had no product that was either in development or production that was similar to, or competed with, the MRPS. During 2010, Arista Power continued to provide confidential information relating to the MRPS to Ultralife. On December 13, 2010 , Ultralife advised Arista Power that it was not interested in working on the MRPS.

The lawsuit further alleges that throughout 2010 Ultralife developed a competing product to the MRPS, called the Gen Set Eliminator System. The lawsuit further alleges that Ultralife used a significant amount of the confidential information of Arista Power in the development of its Gen Set Eliminator System, and is in direct competition with Arista Power's MRPS, both in design, scope, purpose and customer interest.

Arista Power is seeking damages from the defendants of no less than $60 million plus costs and attorneys fees.

StreetBeat Disclaimer

Distributed by Viestly