LAGUNA NIGUEL, Calif., Feb. 5, 2008 (PRIME NEWSWIRE) -- INFINITE Software Corporation (Pink Sheets:IFSC), a leader in Legacy Extension, Business Intelligence and loan production software for banks, credit unions and consumer lending institutions and developer of the award-winning INFINITE product lines, announced it has won a key battle on the Elite 36 product set.
INFINITE Software won a key battle in its fight for the rights of its Unibol product set. The ruling came from a Federal Bankruptcy court proceeding pertaining the to liquidation of UniComp. California Software (the predecessor company to INFINITE Software) acquired Unibol, Ltd from its parent company, UniComp in 2000. Two years later, amid a contentious legal battle between the two companies, a settlement was reached that allowed UniComp the right to distribute a version of Unibol 36 and Unibol 400 in the Western hemisphere (The Americas). As part of the agreement, California Software owned the rights to the software and source code, but UniComp could distribute the products as long as they were renamed. Ultimately, UniComp decided not to pursue sales and support of Unibol 400 but did distribute and support the Unibol 36 product which it renamed Elite 36. UniComp filed for chapter 11 bankruptcy protection in August, 2007. Within a short period of time, the company's filing with the Court was converted to a chapter 7 and a trustee was appointed by the court to liquidate the company on behalf of its creditors. At this point, INFINITE Software terminated the distribution agreement with UniComp as it was no longer operating. This termination included all rights to sell the Unibol product set now known as Elite. The court was asked by INFINITE Software to determine that INFINITE Software was the sole owner of the Unibol (and Elite) product set and that it could not be sold. The court agreed and INFINITE Software, once again, secured its Intellectual Property rights.
Additionally, INFINITE Software has announced that it will continue to support Elite 36 clients under their existing agreements with UniComp.
About INFINITE Software Corporation
INFINITE Software is a global provider of software and services for the legacy extension and financial services markets. The company is headquartered in Orange County, CA and operates globally from offices in Asia, North America, South America and Europe. The Company's products are marketed under the brand names INFINITE and LPS. INFINITE Software enjoys over 100,000 installations in 56 countries.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as California Software or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.