MEDIA SCIENCES & XEROX SETTLE PATENT DISPUTE

2011-05-18T10:29:01-04:00

MEDIA SCIENCES & XEROX SETTLE PATENT DISPUTE On April 22, 2011, Media Sciences International, Inc., Media Sciences, Inc. and Xerox Corporation entered into an agreement settling a patent infringement lawsuit in the United States District Court for the Southern District of New York, Case No. 06CV4872. Under the terms of the settlement, all claims of the parties in the litigation were resolved by the exchange of releases that the Company received from Xerox and that the Company provided to Xerox, and additional consideration exchanged between the parties. The settlement agreement was deemed entered into and became effective on April 22, 2011, and the parties agreed to apply for an order granting consent dismissal of the litigation. Under the terms of the settlement, the parties resolved, on mutually agreeable terms, infringement claims on certain Xerox-held patents related to the shape of the ink sticks, and the parties will exchange certain other business and financial considerations, over a brief ensuing period. The Company will continue to manufacture certain industrial ink products and to supply those products to Xerox for several months, after which the Company will cease manufacturing industrial ink products. The Company will deliver to Xerox certain inventory and assets related to industrial ink, the Company will assign certain patent and other intellectual property rights to Xerox, and the Company will cease manufacturing its inks for use in Xerox color printers. The Company will receive certain financial consideration as a result of the settlement. Each party will bear its own fees, costs and expenses relating to the litigation. In the several months since the Company completed the transaction with Katun Corporation, the Company's Board of Directors has been reviewing various business, financial and operating options available to the Company when no longer engaged in the industrial ink business that is expected to be discontinued by the end of its current fiscal year. The Board is continuing such review and discussion.

Tonernews.com, May 18, 2011. USA

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MEDIA SCIENCES & XEROX SETTLE PATENT DISPUTE

On April 22, 2011, Media Sciences International, Inc., Media Sciences, Inc. and Xerox Corporation entered into an agreement settling a patent infringement lawsuit in the United States District Court for the Southern District of New York, Case No. 06CV4872. Under the terms of the settlement, all claims of the parties in the litigation were resolved by the exchange of releases that the Company received from Xerox and that the Company provided to Xerox, and additional consideration exchanged between the parties. The settlement agreement was deemed entered into and became effective on April 22, 2011, and the parties agreed to apply for an order granting consent dismissal of the litigation. Under the terms of the settlement, the parties resolved, on mutually agreeable terms, infringement claims on certain Xerox-held patents related to the shape of the ink sticks, and the parties will exchange certain other business and financial considerations, over a brief ensuing period. The Company will continue to manufacture certain industrial ink products and to supply those products to Xerox for several months, after which the Company will cease manufacturing industrial ink products. The Company will deliver to Xerox certain inventory and assets related to industrial ink, the Company will assign certain patent and other intellectual property rights to Xerox, and the Company will cease manufacturing its inks for use in Xerox color printers. The Company will receive certain financial consideration as a result of the settlement. Each party will bear its own fees, costs and expenses relating to the litigation. In the several months since the Company completed the transaction with Katun Corporation, the Company’s Board of Directors has been reviewing various business, financial and operating options available to the Company when no longer engaged in the industrial ink business that is expected to be discontinued by the end of its current fiscal year. The Board is continuing such review and discussion.
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May 18, 2011 at 10:29 AM

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