Advertiser Staff and News Services
Kona companies settle litigation
Two Kona-based companies competing to produce algae-based products have settled their intellectual property litigation without either party admitting liability.
Terms of the agreement announced Tuesday between Cyanotech Corp. and Aquasearch Inc. remain confidential.
Cyanotech agreed to an injunction that prevents it from using for microalgal production any tube system that infringes Aquasearch’s U.S. patent. Aquasearch has agreed Cyanotech’s proprietary PhytoDome process for producing microalgae does not infringe on that patent.
Cyanotech will pay undisclosed royalties to Aquasearch.
The settlement brings to a close a legal battle between the high-tech aquaculture companies that worked together in the early 1990s and still operate just steps apart at the National Energy Laboratory near Kona’s Keahole International Airport.
Local developer purchases hotel
Local developer Peter Savio has completed his purchase of the Diamond Head Beach Hotel from Tokyo-based Sports Shinko. The deal closed Tuesday. Savio, through Diamond Head Beach Development Inc., paid $4.5 million for the 59-unit leasehold property at 2947 Kalakaua Ave. along Waikiki’s Gold Coast. Savio plans to resell units individually.
[back to top] |
