LAKE FOREST, Ill.—LAWFUEL – The Law Firm Newswire
Stericycle, Inc. (NASDAQ: SRCL) today announced that it received the interim findings of the arbitrator before whom Stericycle’s previously disclosed dispute with SteriCorp Limited of Melbourne, Australia is being heard. The interim award found in favor of Stericycle on its claim against SteriCorp for payments due under certain convertible notes and found in favor of SteriCorp on its claims that Stericycle failed to supply SteriCorp with equipment conforming to specifications under an equipment supply agreement and in connection with a dispute over the capacity of the equipment that was supplied.
While the arbitrator’s findings are not final, Stericycle believes that, based on the arbitrator’s interim findings, it is likely that at the conclusion of the arbitration proceedings Stericycle may be required to pay an amount to SteriCorp that will not be material and which has not been included in the guidance that we have previously given. During the next two to three months a final award is anticipated as the parties may address the question of the form and content of such final award with the arbitrator.
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