Geospatial Corporation (PINKSHEETS: GSPH) announced today that it has entered into a settlement agreement with a group of investors who had brought a lawsuit against the Company relating to their purchase of stock from the Company in late 2009 and early 2010. Terms of the settlement were not disclosed.
Mark A. Smith, Geospatial's CEO stated, "This litigation has been a very time-consuming distraction. We are delighted with the outcome and happy to put this issue behind us. We look forward to growing Geospatial's unique underground pipeline 3D data acquisition technologies and GeoUnderground, our Cloud-based GIS infrastructure management system. The demand for accurate 3D underground location and mapping of our country's infrastructure is huge and growing rapidly."
About Geospatial Corporation
Geospatial Corporation utilizes integrated technologies to determine the accurate location and position of underground pipelines, conduits and other underground infrastructure data allowing Geospatial to create accurate (3D) three-dimensional digital maps and models of all underground infrastructure. Our website is www.GeospatialCorporation.com. The Company manages this critical infrastructure data on its Cloud-Based GIS Portal called GeoUnderground. (www.GeoUnderground.com).
GeoUnderground is the company's powerful Cloud-Based (GIS) geographic information system database that enables users to view and utilize this 3D pipeline mapping information securely from any desktop or mobile device. GeoUnderground seamlessly integrates with Geospatial's technologies gathering underground, underwater or aboveground geo-referenced digital information of all types of infrastructure.
Licensed users, for the first time, have available to them a suite of technologies allowing them to collect data and create highly accurate 3D maps and models of both above-ground and below-ground infrastructure and view and share this invaluable information in a secure manner with their peers and associates, anywhere in the world, through a conventional browser via the Cloud.
Geospatial provides integrated data acquisition technologies that accurately locate and map underground and above ground infrastructure assets such as pipelines and surface features via its GeoUnderground Cloud-Based Portal.
Forward looking statements
This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those laws. These forward-looking statements, if any, are based upon a number of assumptions and estimates that are subject to significant uncertainties that involve known and unknown risks, many of which are beyond our control and are not guarantees of future performance. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in any such forward-looking statements and any such difference may be caused by risk factors listed from time to time in the Company's news releases and/or its filings or as a result of other factors.