Lockheed Martin, Evans & Sutherland Settle Termination Suit
BETHESDA, MD and SALT LAKE CITY, UT, May 13th, 2002 -- Lockheed Martin Corporation (NYSE:LMT) and Evans & Sutherland Computer Corporation (NASDAQ NM:ESCC) have settled a lawsuit and agreed to reinvigorate their business relationship. The lawsuit arose from Lockheed Martin Information Systems' May 2000 termination of Evans & Sutherland as subcontractor on a simulation and training program for an international government customer. Under the settlement, Lockheed Martin will convert the termination to a termination for convenience. In addition, the two companies will jointly explore opportunities to collaborate on future simulation and training programs for government customers. Financial terms of the settlement are confidential by agreement of both parties.
"We are very pleased with this result," said James Oyler, President and CEO of Evans & Sutherland. "We have fully resolved our differences with Lockheed Martin, which is good for both companies and even better for our mutual customers. Now we can work together to pursue our customers' interests without the distraction of litigation."
"Our companies' ability to resolve business differences underscores our commitment to devise and deliver training solutions that support the critical missions of our military customers," said John Hallal, President of Lockheed Martin Information Systems. "I am delighted that we will once again seek to work together in the best interests of our customers."