Color Kinetics (NASDAQ:CLRK)
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From Jun 2019 to Jun 2024
Color Kinetics Incorporated (NASDAQ:CLRK), a leading innovator of LED
lighting systems and technologies, and Super Vision International, Inc.
(NASDAQ:SUPVA), a world leader in solid-state LED and fiber optic
lighting systems and controls, today announced a joint settlement
agreement ending all pending litigation between the two companies.
Through the agreement:
Super Vision will pay Color Kinetics a set fee as settlement for all
past claims Color Kinetics has against Super Vision, including the
amount awarded to Color Kinetics by the U.S. District Court for the
District of Massachusetts.
Super Vision will drop its pending claim of infringement against Color
Kinetics with respect to U.S. patent #4,962,687, known as the ’687
patent, in the U.S. District Court for the Eastern District of Texas.
Color Kinetics will drop its declaratory judgment claim of
non-infringement of the ’687 patent filed in
the U.S. District Court for the District of Massachusetts.
Color Kinetics will grant Super Vision a royalty bearing license to
its worldwide patent portfolio, allowing Super Vision to continue the
manufacture and sale of its LED-based lighting products, including the
SaVi™ line.
Super Vision will grant Color Kinetics a royalty free license to the ’687
patent.
Super Vision waives its rights to appeal the final judgment granted to
Color Kinetics by the U.S. District Court of Massachusetts on November
8, 2006. In its ruling, the Court permanently enjoined Super Vision
from manufacturing or selling in the United States any of the Super
Vision products that were held to infringe Color Kinetics’
patents, and all other Super Vision products which are merely
colorable variations of the litigated products. By granting a license,
Color Kinetics is allowing Super Vision to continue the sale of all
enjoined products.
In August 2005 the Court granted summary judgment that all five of Color
Kinetics’ asserted patents are not invalid,
that certain Super Vision products infringe those patents, and that
Color Kinetics did not engage in inequitable conduct before the U.S.
Patent and Trademark Office.
“Since inception, Color Kinetics has devoted
significant resources to building a strong intellectual property
portfolio that reflects the company’s vision,
engineering talent, and multi-million dollar investment in research and
development. We choose not to exclude players from the field, but rather
enable the market through an active licensing program,”
said Bill Sims, President and CEO, Color Kinetics. “We’re
gratified by the resolution of our litigation with Super Vision, which
we believe sends a strong message to the industry.”
“The future is extremely bright for the
global LED lighting industry and Super Vision is now positioned to
capitalize on that potential. After almost five years of litigation, it
is exciting to be able to focus 100% of our efforts on growing the
company, developing new products and incorporating new LED technologies
into lighting systems and controls through this agreement,”
stated Mike Bauer, President and CEO of Super Vision International. “It
was time to put the past behind us and get refocused on the business of
lighting.”
Sims added, “Color Kinetics remains focused
on developing new technologies to drive our Lighting Systems business,
while also making those technologies and resulting IP available to third
parties. The resolution of this case, combined with an ever-growing
number of patents and broad list of prospective licensees, will allow us
to aggressively pursue new agreements in diverse markets -- ultimately
helping to advance adoption of LED illumination worldwide.”
This settlement agreement resolves all current claims between the two
companies and allows both Color Kinetics and Super Vision International
to focus their efforts on the expanding market for solid-state LED
lighting systems around the world.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ:CLRK) transforms environments
through new, dynamic uses of light. Its award-winning lighting systems
and technologies apply the benefits of LEDs as a highly efficient, long
lasting, environmentally friendly, and inherently digital source of
illumination – reinventing light itself as a
highly controllable medium. Color Kinetics also enables widespread
adoption of LED lighting through OEM and licensing partnerships in
diverse markets. The company is headquartered in Boston, MA with offices
in the UK, China, and Japan. More information is available at www.colorkinetics.com.
About Super Vision International, Inc.
Super Vision International’s vision is to
incorporate Light, Color and Imagination with advanced technology to
become one of the world’s leading suppliers
of lighting and lighting control products that add visual excitement,
accent, impact and identity to commercial and residential lighting
projects around the world. For more information, please visit the Super
Vision web site at www.svision.com.
©2006 Color Kinetics Incorporated. Color
Kinetics and the Color Kinetics logo are registered trademarks of Color
Kinetics Incorporated. All other trademarks mentioned are the property
of their respective owners.
“Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: Statements in this press
release regarding Color Kinetics Incorporated or Super Vision
International, Inc. businesses that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Readers are cautioned that
these statements involve risks and uncertainties, are only predictions
and may differ materially from actual future events and results. For a
discussion of such risks and uncertainties, see “Risk
Factors” in the companies’ Annual
Reports on Form 10-K, or Form 10-KSB, as applicable, for the twelve
months ended December 31, 2005, and most recent 10-Q, or 10-QSB, as
applicable, each as filed with the Securities and Exchange Commission.
Color Kinetics Incorporated (NASDAQ:CLRK), a leading innovator of
LED lighting systems and technologies, and Super Vision International,
Inc. (NASDAQ:SUPVA), a world leader in solid-state LED and fiber optic
lighting systems and controls, today announced a joint settlement
agreement ending all pending litigation between the two companies.
Through the agreement:
-- Super Vision will pay Color Kinetics a set fee as settlement
for all past claims Color Kinetics has against Super Vision,
including the amount awarded to Color Kinetics by the U.S.
District Court for the District of Massachusetts.
-- Super Vision will drop its pending claim of infringement
against Color Kinetics with respect to U.S. patent #4,962,687,
known as the '687 patent, in the U.S. District Court for the
Eastern District of Texas.
-- Color Kinetics will drop its declaratory judgment claim of
non-infringement of the '687 patent filed in the U.S. District
Court for the District of Massachusetts.
-- Color Kinetics will grant Super Vision a royalty bearing
license to its worldwide patent portfolio, allowing Super
Vision to continue the manufacture and sale of its LED-based
lighting products, including the SaVi(TM) line.
-- Super Vision will grant Color Kinetics a royalty free license
to the '687 patent.
-- Super Vision waives its rights to appeal the final judgment
granted to Color Kinetics by the U.S. District Court of
Massachusetts on November 8, 2006. In its ruling, the Court
permanently enjoined Super Vision from manufacturing or
selling in the United States any of the Super Vision products
that were held to infringe Color Kinetics' patents, and all
other Super Vision products which are merely colorable
variations of the litigated products. By granting a license,
Color Kinetics is allowing Super Vision to continue the sale
of all enjoined products.
In August 2005 the Court granted summary judgment that all five of
Color Kinetics' asserted patents are not invalid, that certain Super
Vision products infringe those patents, and that Color Kinetics did
not engage in inequitable conduct before the U.S. Patent and Trademark
Office.
"Since inception, Color Kinetics has devoted significant resources
to building a strong intellectual property portfolio that reflects the
company's vision, engineering talent, and multi-million dollar
investment in research and development. We choose not to exclude
players from the field, but rather enable the market through an active
licensing program," said Bill Sims, President and CEO, Color Kinetics.
"We're gratified by the resolution of our litigation with Super
Vision, which we believe sends a strong message to the industry."
"The future is extremely bright for the global LED lighting
industry and Super Vision is now positioned to capitalize on that
potential. After almost five years of litigation, it is exciting to be
able to focus 100% of our efforts on growing the company, developing
new products and incorporating new LED technologies into lighting
systems and controls through this agreement," stated Mike Bauer,
President and CEO of Super Vision International. "It was time to put
the past behind us and get refocused on the business of lighting."
Sims added, "Color Kinetics remains focused on developing new
technologies to drive our Lighting Systems business, while also making
those technologies and resulting IP available to third parties. The
resolution of this case, combined with an ever-growing number of
patents and broad list of prospective licensees, will allow us to
aggressively pursue new agreements in diverse markets -- ultimately
helping to advance adoption of LED illumination worldwide."
This settlement agreement resolves all current claims between the
two companies and allows both Color Kinetics and Super Vision
International to focus their efforts on the expanding market for
solid-state LED lighting systems around the world.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ:CLRK) transforms environments
through new, dynamic uses of light. Its award-winning lighting systems
and technologies apply the benefits of LEDs as a highly efficient,
long lasting, environmentally friendly, and inherently digital source
of illumination - reinventing light itself as a highly controllable
medium. Color Kinetics also enables widespread adoption of LED
lighting through OEM and licensing partnerships in diverse markets.
The company is headquartered in Boston, MA with offices in the UK,
China, and Japan. More information is available at
www.colorkinetics.com.
About Super Vision International, Inc.
Super Vision International's vision is to incorporate Light, Color
and Imagination with advanced technology to become one of the world's
leading suppliers of lighting and lighting control products that add
visual excitement, accent, impact and identity to commercial and
residential lighting projects around the world. For more information,
please visit the Super Vision web site at www.svision.com.
(C)2006 Color Kinetics Incorporated. Color Kinetics and the Color
Kinetics logo are registered trademarks of Color Kinetics
Incorporated. All other trademarks mentioned are the property of their
respective owners.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding Color
Kinetics Incorporated or Super Vision International, Inc.
businesses that are not historical facts are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Readers are cautioned that these statements
involve risks and uncertainties, are only predictions and may differ
materially from actual future events and results. For a discussion of
such risks and uncertainties, see "Risk Factors" in the
companies' Annual Reports on Form 10-K, or Form 10-KSB, as applicable,
for the twelve months ended December 31, 2005, and most recent 10-Q,
or 10-QSB, as applicable, each as filed with the Securities and
Exchange Commission.