Author: George Sobala
Date: 12:14:00 12/16/04
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On December 16, 2004 at 14:13:32, Pavel Blokhine wrote: > > > >Does anybody would happen to happen Amir Ban's email address by any chance? >Because this one doesn't seem to work anymore:amirban@m-sys.com. It has returner >two of the e-mail i sent him so far. > >Thanks He doesn't work for M-Systems any more: ============================================================================== Former M-Systems VP claims revenue share Amir Ban has petitioned the court to declare him a one-third owner of a joint venture he was due to set up with M-Systems. Hadas Magen and Michal Raveh 10 Oct 04 15:55 Amir Ban, a former partner in M-Systems Flash Disk Pioneers (Nasdaq:FLSH), has filed a claim with the Tel Aviv District Court demanding that M-Systems pay him one-third of current and future revenues from the use of technology he developed. He also claims that he owns 33% of a joint venture he was due to set up with M-Systems. Ban claims that he began working for M-Systems in 1992. He claims that he received shares and was considered one of the company’s founders. He also claims that he was responsible for scientific R&D of the technologies that were the basis for M-Systems' products. M-Systems' current market cap is $500 million. Ban claims that he contributed to this achievement, and that his scientific developments were partly responsible for the development, production and marketing of the company's products. Ban claims that he has been developing technology known as "stratosphere" since 2000, but that M-Systems never showed interest in it and refused to make the necessary investment in its development. Ban and others therefore developed the initial technology mostly with external financing. Ban claims that M-Systems subsequently reversed its attitude, which led to the cancellation of his contract with the company. He claims that resigning, he proposed to M-Systems' CEO that he and the company set up a joint venture, which would own the initial technology and develop it for commercial use. Ban claims that M-Systems' CEO was convinced of the proposal's potential, and asked Ban to prepare a business plan for the joint venture. After Ban wrote the business plan, it was agreed to accept the proposal and to transfer the initial technology and patent to the joint venture. Ban claims that M-Systems therefore asked him to postpone his departure from the company, in order to complete the procedures for setting up the joint venture, in which he was to own 33%. Ban claims that his activities created technology that led to the development of a prototype, which attracted considerable interest, especially by venture capital funds. He says the project was presented to Toshiba officials, and that Toshiba expressed extraordinary interest in the technology and prototype. He said Toshiba asked to open negotiations for business cooperation. Ban claims that his activities on behalf of the joint venture converted a neglected M-Systems project into an important and very practical one, with huge commercial potential. Ban claims that when M-Systems saw his achievement, it decided in bad faith to cancel its contract with him and to deprive him of all his rights. A statement of defense has not yet been filed. Published by Globes [online] - www.globes.co.il - on October 10, 2004
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