By Lauren Ratcliffe
Published Jan. 7, 2013
Charleston-based Revolutions Medical Corp. has won its legal case against a former manufacturer and a former consultant.
The American Arbitration Association found that Medical Investment Group Inc. and former consultant Richard Theriault committed fraud and that neither have any rights to Revolutions Medical’s intellectual property, proprietary information, trademarks, equipment or designs. Revolutions Medical received a settlement worth $770,000, plus interest, legal fees and arbitration costs.
Ron Wheet, CEO and board chairman of Revolutions Medical, said the settlement allowed his company to protect its technology.
“The actions of Mr. Theriault and his cohorts have delayed the company’s production regarding the RevVac safety syringe by at least one year, but we can now begin to put these legal battles behind us,” he said.
Revolutions Medical is a safety medical device and software company. Lawsuits have centered on the company’s RevVac safety syringe, an auto-retractable vacuum safety syringe.