Item 1. Legal Proceedings
ITEM 1.
LEGAL PROCEEDINGS
On August 21,
2020, IPS was named a third-party defendant in a patent dispute claim currently pending in the U.S. District Court for the
Eastern District of New York. The complaint, which contains no specific amount of claimed monetary damages, asserts that
certain intellectual property was misappropriated by IPS and one of its former employees. IPS denies the allegations,
believes the action is without merit and intends to vigorously defend it. The Company received permission from the
District Court to file a motion to dismiss the complaint and filed such motion on December 14, 2020.
From time to time,
the Company may become a party to other legal actions or proceedings in the ordinary course of its business. At December 31, 2020,
there were no such actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s
interests, the Company believes would be material to its business.
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