Cytocare, GE Settle Distribution Suit
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IRVINE — Cytocare Inc. and General Electric Co. have settled a lawsuit, Cytocare said Monday, over Middle East rights to sell Cytocare equipment for crushing kidney stones.
The terms were not disclosed.
A GE subsidiary sued for $3.25 million two years ago when Cytocare shipped two kidney systems directly to Saudi Arabia. GE said Cytocare--in bypassing GE--had breached its contract. Cytocare then sued GE, saying that GE had failed to live up to the distribution agreement.
Cytocare said Monday that it will book an additional $1.4 million in sales for the fourth quarter on the sale of the two machines. That had been deferred while the lawsuit was pending.
Last year’s fourth-quarter sales for Cytocare, based in Irvine, came to $2.2 million.
Cytocare said the distribution agreement with GE is no longer in effect.
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