LoJack Initiated Arbitration Challenging Viasat Group's Acquisition of Grupo Detector Spain
MILAN and MADRID and LISBON, Portugal and IRVINE, California, Oct. 18, 2018 /PRNewswire/ -- LoJack®, a wholly-owned subsidiary of CalAmp (Nasdaq: CAMP) and a leader in stolen vehicle recovery (SVR) and innovative automotive services, today announced that it has initiated arbitration for breach of contract against Italian corporation Viasat Group S.p.A. (Viasat), and Spanish company, Grupo Detector (Detector), in the United States.
On September 27, 2018, Viasat Group (Viasat) publicly announced that it had acquired 100% of the Spanish company, Grupo Detector (Detector). However, LoJack had pre-existing contractual rights to acquire certain assets of Detector. To exercise those rights, LoJack has initiated arbitral proceedings in the Commonwealth of Massachusetts under the Commercial Rules of the American Arbitration Association alleging breach of contract, interference with a contract, interference with prospective economic advantage, and other legal and equitable claims to recover material damages to be proven in the arbitral proceedings.
About LoJack, LoJack Italia, and CalAmp
LoJack and LoJack Italia, are wholly-owned subsidiaries of CalAmp (Nasdaq: CAMP). LoJack has been the market leader in stolen vehicle recovery over the past 30 years, helping over 9 million people protect their assets and vehicles from theft. Today, together with CalAmp, it provides innovative telematics solutions and services all over the world for a growing range of businesses and consumers. LoJack has been active in Italy for 10 years and is undergoing a strong growth phase with more than 214,000 software and service subscribers. LoJack Italia is creating a new level of value for the automotive, insurance, and car rental markets and their end-customers, through innovative solutions that are easily accessible. For more information, visit lojack.it
CalAmp is a telematics pioneer leading transformation in a global connected economy. We help reinvent businesses and improve lives around the globe with technology solutions that streamline complex IoT deployments and bring intelligence to the edge. Our software applications, scalable cloud services, and intelligent devices collect and assess business-critical data from mobile assets, cargo, companies, cities and people. We call this The New How, powering autonomous IoT interaction, facilitating efficient decision making, optimizing resource utilization, and improving road safety. CalAmp is headquartered in Irvine, California, U.S.A. and has been publicly traded since 1983. For more information on CalAmp, visit calamp.com, or LinkedIn, Facebook, Twitter, YouTube or CalAmp Blog. For more information on LoJack, visit lojack.com, or Twitter, Facebook or LoJack Blog.
Logo - https://mma.prnewswire.com/media/615000/LoJack_Logo.jpg
Share this article