An Israeli court ruled judgment by way of settlement in a claim filed by GFA Advanced Systems against Local Ocean LLC in a dispute over its rights under the JV agreement and the use of its technology in a joint venture in the United States.
In its judgment, the court resolved that GFA -- which has developed a fully closed, zero discharge intensive aquaculture system for fresh and saltwater fish -- would receive financial compensation in the amount of $4 million to be paid over several interest bearing installments and to be secured by a pledge over 49 percent of the holdings in the entity that holds and operates the Hudson farm.
“It’s
