Immersion and Simbionix Announce License Agreement
Patent Litigation in Medical Simulation Business Reaches Positive
SAN JOSE, Calif., Jun 07, 2010 (BUSINESS WIRE) -- Immersion Corporation (NASDAQ:IMMR), the leading developer and licensor of haptics technology, and Simbionix USA Corporation, the world's leading provider of simulation and training products for medical professionals and the healthcare industry, today announced that the companies have entered into a new license agreement and have successfully settled litigation that was pending in the United States District Court for the Northern District of Ohio. The signing of a non-exclusive, worldwide license agreement for Immersion's extensive patent portfolio for use in medical training and simulation successfully brings to a close patent infringement litigation that Immersion initiated in April 2008. The settlement resolves outstanding issues; terms are confidential.
"This positive development is definitive validation of our licensing strategy and strengthens the value of our intellectual property," said Craig Vachon, Senior Vice President and General Manager of Immersion. "As a leader in medical simulation, Simbionix understands the critical value of haptics in engaging a clinician's sense of touch for care giving."
"We're pleased with this successful resolution -- the agreement lets us get past the cost and distraction of dispute, and allows us to focus on our continued record growth and acceptance of Simbionix products by the simulation industry and professional societies and medical training centers around the world," said Gary Zamler, chief executive officer of Simbionix.
"We are excited about the new agreement which demonstrates the ability of two leading technology companies to push the boundaries of simulation technology," said Ran Bronstein, Simbionix founder and President.
About Simbionix USA (www.simbionix.com)
Simbionix USA is the world's leading provider of simulation and training products for medical professionals and the healthcare industry, with nearly 1000 simulators deployed in 40 countries around the world.
About Immersion (www.immersion.com)
Haptic (touch) technology is key to the future of user experience in digital devices. Founded in 1993, Immersion (NASDAQ: IMMR) harnesses human touch to create user experiences that deliver a more compelling sense of the digital world. Using one of Immersion's adaptable high fidelity haptic systems, partners can achieve a competitive advantage and greater revenue opportunities with products that are more intuitive, satisfying, efficient, and safe. With Immersion technology, world-class companies can deliver improved user experiences in products such as widely popular video games, leading video console gaming systems, advanced automotive driver controls, medical devices and award-winning mobile phones. With over 900 issued or pending patents in the U.S. and other countries, Immersion is the leading innovator in touch-enabled user experiences that bring the digital universe to life.
This press release contains "forward-looking statements" that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of Immersion Corporation and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.
All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including, but not limited to, the statement relating to Immersion's licensing strategy and the value of Immersion's intellectual property.
Immersion's actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with Immersion's business, which include, but are not limited to, the effects of the current macroeconomic climate; delay in or failure to achieve commercial demand for Immersion's products; or third party products incorporating Immersion's technologies; a delay in or failure to achieve the acceptance of force feedback as a critical user experience; unanticipated difficulties and challenges encountered in product development efforts by Immersion's licensees. Many of these risks and uncertainties are beyond the control of Immersion.
For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion's most current Form 10-Q and Form 10-K, which are on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect Immersion's beliefs and predictions as of the date of this release. Immersion disclaims any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release.
Immersion, the Immersion logo and TouchSense are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
(IMMR - T)
SOURCE: Immersion Corporation
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