OXNARD, CA and ROGERS, CT – CalAmp Corp. and Rogers Corp. have reached an out-of-court settlement regarding a lawsuit filed by CalAmp in May 2008. The litigation concerned product performance issues involving laminate, supplied by Rogers, that was included in certain products manufactured by CalAmp and sold to a Direct Satellite customer.
 
Rogers has agreed to make a cash payment of $9 million to CalAmp. Under terms of its bank credit agreement, CalAmp will put $4 million of the settlement toward its bank term loan. Both parties acknowledge that Rogers admits no wrongdoing, is not liable for any claim and settled the litigation to avoid an extensive and costly litigation.
 
“I am pleased that we have reached a satisfactory resolution of this matter,” said Rick Gold, president and CEO of CalAmp. “The settlement significantly improves CalAmp’s financial strength, and we believe it is the best outcome for our shareholders.”