Eltek Announces Settlement With EAST UPS - Quick Facts

(RTTNews) - Eltek (ELTK) announced that EAST UPS has admitted that trade secrets belonging to Eltek have been used in developing EAST UPS' controversial product. Eltek reported that EAST UPS, formally known as Guangdong East Power Co, has pledged in a court-sanctioned agreement to cease all activities related to the product developed based on Eltek's trade secrets. According to an settlement agreement, EAST UPS is also obliged to pay an agreed amount to Eltek in damages for costs related to the court process.

Eltek discovered products from East UPS that were suspiciously similar to Eltek products. The company said, after acquiring products and analyzing them, it was found that the software was directly copied from Eltek software. The source was proven to be previous Eltek employees who later worked for EAST UPS.