Autobytel and Dealix Enter Settlement Agreement.The Agreement Provides for Total Payments of $20 Million to Autobytel, Mutual Releases, and License of Autobytel Patents and Patent Applications IRVINE, Calif. & REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- Autobytel Inc. (Nasdaq:ABTL ABTL Association Belge des Technologues de Laboratoire ) and Dealix Corporation today announced that they entered into a settlement agreement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the resolution of the case titled Autobytel Inc. v. Dealix Corporation in the United States District Court for the Eastern District of Texas The United States District Court for the Eastern District of Texas is the Federal district court with jurisdiction over the eastern part of Texas and is a part of the Fifth Circuit. The court's headquarters are in Tyler, Texas and has five subdivision offices. , Marshall Division Case No. 2:04-cv-338 (LED). Under the agreement, the parties will agree to dismiss the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with prejudice and without any admission of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do within five business days of Autobytel's receipt of the initial payment specified below. The agreement will be effective once the dismissal and the agreement are approved by the court. The agreement provides that Dealix will pay Autobytel a total of $20,000,000 in settlement payments, $12,000,000 of which will be payable within one-hundred and twenty days of November 13, 2006, with the remainder to be paid out in installments of $2,666,666.67 on the next three annual anniversary dates of the initial payment. The remaining payments subsequent to the initial payment are guaranteed by WP Equity Partners, Inc., a Warburg Pincus Warburg Pincus is a private equity firm with offices in the United States, Europe and Asia. It has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, and invests in a range of industries including information and affiliate. The agreement also provides for a license from Autobytel to Dealix and The Cobalt Group of patents and patent applications and mutual releases of claims. Autobytel Inc. President and Chief Executive Officer James Riesenbach and Dealix Corporation President John Holt John Holt can be any one of:
About Autobytel Inc. Autobytel Inc. (Nasdaq:ABTL) is one of the largest online automotive marketplaces, empowering consumers to make smart vehicle choices using objective automotive data and insightful interactive editorial content. The result is a convenient car-buying process backed by a nationwide network of dealers who are committed to providing a positive consumer experience. Every day consumers choose Autobytel-owned and operated websites -- Autobytel.com, Autoweb.com, CarSmart.com, Car.com, AutoSite.com, Autoahorros.com, and CarTV.com - to facilitate their car-shopping decisions. Autobytel's ability to attract millions of highly qualified, in-market car buyers and connect them with retailers has made it a leader in facilitating the entire customer car-buying lifecycle. The Company's innovative marketing, advertising, data and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. products, including its Web Control[R] customer management system, Retention Performance Marketing (RPM[R]) service reminder program, Special Finance Leads(SM), and AIC AIC Association des Infermières Canadiennes. [R] data center, are designed to enable dealers to offer a premium consumer experience. Since pioneering pro-consumer online automotive content and purchasing in 1995, Autobytel has helped more than twenty-seven million car buyers, generating billions of dollars in car sales for dealers. About Dealix Corporation Dealix Corporation is a leading provider of automotive Internet lead management services. We provide automobile dealerships, large dealer groups, and automotive manufacturers with the most efficient, cost-effective way to acquire leads for buyers of new and used vehicles. Dealix owns and operates UsedCars.com, one of the industry's oldest and most respected used car portals, and InvoiceDealers.com, one of the industry's leading automotive portals and the largest source of Internet sales leads A sales lead is the identity of a person or entity potentially interested in purchasing a product or service, and represents the first stage of a sales process. The lead may have a corporation or business associated with the person(s). processed through the Dealix Lead Trading Platform(SM), a suite of proprietary technology products and business solutions. The Dealix Lead Trading Platform processes leads generated from the millions of monthly visitors who come to our portals and to the Dealix Lead Acquisition Network, our collection of premier partner Web sites. Dealix delivers thousands of serious vehicle buyers to our customers daily, boosting sales while keeping customer acquisition costs low. |
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