Date Announced: 14/11/2011
| Type: |
Announcement |
| Subject: |
Material Litigation |
| Description: |
Litigation - Legal Dispute Relating To Lotus And Team Lotus Brands |
| Announcement Details/Table Section: |
Further to the announcement dated 30 May 2011, the Board of Directors of PROTON Holdings Berhad is pleased to inform that the legal dispute in the English Courts relating to the "LOTUS" and "TEAM LOTUS" brands has now ended amicably with the parties agreeing settlement terms earlier this month.
The terms of the settlement are confidential but the deal sees the "LOTUS" brand reunited under the sole ownership of Group Lotus. This includes the rights to the "LOTUS" and "TEAM LOTUS" names in Formula 1 motor racing.
1MRT will race in the 2012 Formula 1 season under the name "CATERHAM F1 TEAM" and will use a "CATERHAM" chassis.
The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field. |
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