Toronto, Canada (PRWEB) December 23, 2011
Route1 Inc. (TSXV: ROI) (?Route1?) a security and identity management company, today announced that it received an arbitration award in its favour pursuant to an arbitration under the Federal Reseller Agreement between Route1 and Qwest Government Services (?Qwest?) made as of May 9, 2008, and as amended on November 25, 2008 (the ?Agreement?).
Under the arbitration section of the Federal Reseller Agreement, the award is final and there is no right of appeal. Once the award has been confirmed to be final, Route1 is entitled to enforce payment under the award after 14 days. Under the JAMS Comprehensive Arbitration Rules and Procedures, either party may request that the arbitrator correct any computational, typographical or other similar error within 7 calendar days.
After payment of associated professional fees and disbursements for the arbitration, Route1 will receive approximately US $ 2.5 million. The one-time positive accounting and cash impact will be presented in Route1?s fourth quarter 2011 financial results.
ABOUT ROUTE1, INC.
Route1 delivers industry-leading security and identity management solutions to enterprises worldwide, such as businesses, government and military, which need universal, secure access to all digital resources and sensitive data. These customers depend on The Power of MobiNET – Route1?s communications and service delivery platform. MobiNET provides identity assurance and individualized access to networks and data. Route1?s patented solutions are based on FIPS 140-2 cryptographic modules, and simplify the process of meeting increasingly stringent regulatory requirements for privacy and security. Headquartered in Toronto, Canada, Route1 is listed on the TSX Venture Exchange.
For more information, visit our website at: http://www.route1.com.
This news release, required by applicable Canadian laws, and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.