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WATERLOO, Ont., Jan. 21 - Virtek Vision International Inc. has settled a claim filed in April, 2004, by Bio-Rad Laboratories, Inc. of Hercules, Calif. Bio-Rad purchased all assets pertaining to Virtek's Biotech Instrument business for $7.1-million (U.S.) on June 28, 2002.

The settlement provides that Virtek will transfer the rights to the company's remaining biotech intellectual property, FONA (Fibre-Optic Nucleic Acid) detection technology, to Bio-Rad. Virtek will also provide payment of approximately $140,000 (U.S.), and release the its claim on the remaining $350,000 held in escrow from the original sale agreement.

Virtek says there will be no effect on the company's consolidated financial statements.