Flame Seal Defeats IFTI’S Lawsuit Seeking Millions of Dollars in Actual Damages

A statement from Michael Kiser, President of Flame Seal:

“As many of our shareholders know from past press releases, I had been engaged in an educational program regarding issues in the spray foam industry. What many of you do not know is that a lawsuit was filed by IFTI (International Fireproof Technology, Inc.), in which they sought $4,000,000 in actual damages based on claims of false advertising, defamation and trade libel and spent hundreds of thousands of dollars in attorneys fees. We just concluded a jury trial on IFTI’s claims in Federal Court here in Houston, Texas.

“I was unable to openly discuss this case until the trial was complete, which occurred last week. (Rather, it would have been imprudent to do so, as we wish to honor the processes of the courts.) I am pleased to report that the jury awarded IFTI $0 (zero) in actual damages. Here is a statement from our lead Attorney, Mark Goranson:

“We could not be happier with the outcome of the litigation. IFTI sought millions of dollars in actual damages from Flame Seal. The jury returned a zero verdict and awarded no actual damages on all of IFTI’s claims, including false advertising, defamation and trade libel.”

“I must thank our great legal team, including Mark Goranson and his partner Linda King for excellent work under some very difficult circumstances, some of which are: The suit was completed in only 90 days, due to an order by the Judge, plus the fact that IFTI hired a large number of lawyers and firms to make up a very aggressive campaign, which Mr. Goranson and company handled extremely well.

“I also must state that we had an excellent Judge and Jury, and I would like to thank them for their service in this matter. It was a complex case, and took a week and a half of their lives, and I now have a special appreciation for the sacrifice they make in an important public service.

“After the trial was over, we had the pleasure of meeting with the jury and openly discussing the case for a time, as they requested to come back into the courtroom and meet with us. They told us that they understood that I was primarily concerned with safety issues, and that I was just trying to share information. They were very kind in their comments, saying they felt I was doing what I thought was right, but, they also said they felt I was overly passionate and used poor judgment in some of the language I used in the emails, which I accept as true, and a lesson learned on my part. (I won’t deny that I made mistakes in this process.)

“They expressed that they felt they had to effectively ‘slap me on the wrist’ as they put it, for poor judgment in some of the words and statements I used in the emails. Thankfully, they understood enough regarding the evidence they saw in the case, to return a verdict that resulted in zero actual damages awarded to IFTI. After talking with them, I was amazed at how much thought and “care” they put into their decision processes, which they described in some detail. Again, I am very thankful for such an attentive and thoughtful group that was our jury in this trial.

“Now that the trial is over, we will be glad to put this behind us and get back to the normal, everyday business of working hard to maintain our role as the innovative force in our industry.

“On another subject, briefly… There has been concern over the inactivity at our new location. Not to worry, this is because, after the re-design, plans were submitted and we await permits to proceed. We are told it will be another couple weeks, then we can get back to work. I will discuss general business issues in another press release shortly.”

Michael D. Kiser, President

Flame Seal Products (CE) (USOTC:FLMP)
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から 2 2025 まで 3 2025