Color Kinetics and Super Vision Reach Comprehensive Settlement.BOSTON & ORLANDO, Fla. -- Color Kinetics Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 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. 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 declaratory judgment In law, a judgment merely declaring a right or establishing the legal status or interpretation of a law or instrument. It is binding but is distinguished from other judgments or court opinions in that it includes no executive element (an order that 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. any of the Super Vision products that were held to infringe Color Kinetics' patents, and all other Super Vision products which are merely colorable False; counterfeit; something that is false but has the appearance of truth. 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 not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: 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 In United States patent law, patent holders must go to the federal courts to enforce their patent rights. Even if the patent is valid and infringed, these courts may exercise their equitable discretion not to enforce the patent if the patentee has engaged 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 Bill Sims, Jr., is an American blues musician. He grew up in Marion, Ohio and began playing piano at the age of four. At age 14, he turned professional and joined the rhythm and blues band the Jacksonian Blues, which he left to attend Ohio State University. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Color Kinetics. "We're gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. 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 Noun 1. source of illumination - any device serving as a source of visible electromagnetic radiation device - an instrumentality invented for a particular purpose; "the device is small enough to wear on your wrist"; "a device intended to conserve water" - reinventing light itself as a highly controllable medium. Color Kinetics also enables widespread adoption of LED lighting through OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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. |
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