Settlement Agreement between Zi Corporation and Marty Steinberg, Receiver for the Lancer Funds, is Effective
Calgary, AB, - Zi Corporation (Nasdaq: ZICA) (TSX: ZIC) announced today that all of the conditions under its agreement with the Receiver of the Lancer Entities (the “Settlement Agreement”) have been fulfilled and therefore the Settlement Agreement became fully effective on April 10, 2007 (the “Effective Date”).
As previously announced on February 23, 2007, pursuant to the Settlement Agreement, as of the Effective Date, the Receiver and Zi Corporation have agreed to, among other things, immediately discontinue, with prejudice, all litigation and regulatory proceedings of any kind.
Also pursuant to the Settlement Agreement, Michael E. Lobsinger has resigned as a director of the Company, as of the Effective Date. Mr. Lobsinger is replaced as a director by George Tai of Calgary, Alberta.
George Tai practices business law as a partner at the law firm of Carscallen Leitch LLP. Prior to returning to private practice of law in 2004, Mr. Tai held senior executive positions in legal, finance and operations with private and public technology companies, including Zi Corporation for the period 2000 to 2003. Mr. Tai has extensive international legal experience structuring and negotiating technology transfer and licensing agreements as well as mergers and acquisitions. Mr. Tai has been and is currently a director and corporate secretary of several private and public companies.
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