Matsushita Electric Industrial announced it settled the DVD patent infringement lawsuit it brought against CMC Magnetics.
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Unedited press release follows:
Matsushita Electric and CMC Magnetics Corporation Settled Patent Infringement Claim
Osaka, Japan (April 2, 2007) – Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]) and CMC Magnetics Corporation (CMC) jointly announced today the settlement of a patent infringement suit that MEI brought against CMC and two of its US affiliates in the United States regarding MEI’s DVD patents.
As a result of the settlement, MEI and CMC entered into a patent cross license agreement with regard to manufacture and sale of DVD-R/-RW/-RAM, DVD+R/+RW and CD-RW discs. The term of the license is ten years and CMC will pay mutually agreed royalty to MEI.
“We are very pleased to settle the case with reasonable terms which both parties mutually agreed. We would like to keep a good relationship with MEI in the future,” said Bob Wong, chairman of CMC. “We are pleased that our intellectual property rights have been properly evaluated and this litigation was settled early to our mutual satisfaction.” said Dr. Yoshihisa Fukushima, Director, Corporate Intellectual Property Division of MEI.
About Matsushita Electric Industrial Co., Ltd.
Best known for its Panasonic brand name, Matsushita Electric Industrial Co., Ltd. is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the Company recorded consolidated net sales of US$76.02 billion for the year ended March 31, 2006. The Company’s shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:MC) stock exchanges. For more information on the Company and the Panasonic brand, visit the Company’s website at http://panasonic.net/.
About CMC Magnetics Corporation
CMC Magnetics Corporation is the leading optical storage media manufacturer headquartered in Taiwan. The company core business is data storage products and digital content with sales of NTD 28.3 billion in 2006. By working closely with world’s leading drive makers and format providers, CMC offers customers the latest recording media with excellent reliability and compatibility with installed base players and drives. The Company’s stock is listed at the Taiwan Stock Exchange #2323 and news from CMC is located at the website www.cmcnet.com.tw