TAIPEI, Taiwan--(BUSINESS WIRE)--PCT International, Inc., a former customer of EZconn Corporation with whom EZconn has done no business since March 2014, recently issued a press release concerning the status of PCT’s bankruptcy case, in which EZconn is a creditor. Although EZconn ordinarily does not comment upon pending legal matters, EZconn believes it is important to address false statements in PCT’s press release, including that EZconn “had given PCT’s engineering and business trade secrets to a competitor.”
PCT made similar allegations in a 2014 lawsuit filed against EZconn in the United States District Court for the District of Arizona. The court not only entered judgment for EZconn but also awarded EZconn’s attorneys’ fees incurred to defend against PCT’s claims, which the court held lacked merit and were not tenable. In a co-pending action, the court awarded more than US $9.4 million to EZconn for product that PCT had ordered and accepted but did not pay for. Separately, a court in the People’s Republic of China awarded more than US $3.1 million to EZconn for product that PCT’s China-based affiliate had ordered and accepted but did not pay for. EZconn’s judgments were upheld on appeal.
Although PCT paid US $5.7 million in partial satisfaction of EZconn’s judgments, it has not paid the rest of what it owes. After exhausting other measures to collect on its judgments, including negotiations with PCT, EZconn reluctantly filed an involuntary bankruptcy petition in the United States Bankruptcy Court for the District of Arizona. EZconn continues its collection efforts and remains hopeful that PCT, operating under oversight of the bankruptcy court, will satisfy its obligations to EZconn and its other creditors.
EZconn Corporation is headquartered in, and organized under the laws of, Taiwan. EZconn is publicly traded on the Taiwan Stock Exchange (6442.TW). It operates manufacturing facilities in Taiwan, China, and Philippines, as well as research and development facilities in Taiwan and the Czech Republic. EZconn manufactures a variety of advanced RF and fiber optics communications products. Its innovations are protected by more than 130 patents in Taiwan, the United States, and other countries. To learn more, visit http://www.ezconn.com/.
Chief Financial Officer
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