RIS/PACS developer Image Technology Laboratories (ITL) reported that it has concluded a settlement agreement with Dr. Carlton Phelps, a co-founder and former vice president of finance and administration, chief financial officer, secretary, and treasurer of the company.
The agreement included a repurchase of all of Phelps' 2.3 million shares of ITL common stock for a total of $231,000. The Kingston, NY-based vendor said it is now in a much more favorable position to seek additional financing.
By AuntMinnie.com staff writers
October 5, 2006
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ITL adds contract, April 12, 2005
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