Immersion and Interact Settle Patent Infringment Suit.Business Editors and High Tech Writers SAN JOSE, Calif.--(BUSINESS WIRE)--April 30, 2001 Immersion Corporation (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 : IMMR IMMR Internal Memory Map Register ), the world's leading developer and licensor of force feedback technologies that allow users to experience computing environments using their sense of touch, and InterAct Accessories, Inc. today announced that they have settled Immersion's pending patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. action against InterAct. Pursuant to the terms of the settlement, InterAct will take a license and pay royalties to Immersion based on sales by InterAct of vibrotactile gamepads and steering wheel peripherals for dedicated gaming consoles such as the Sony PlayStation(R) and PlayStation(R)2, the Nintendo 64, and the Microsoft(R) Xbox(TM). In addition, InterAct will pay an undisclosed sum to Immersion as compensation for past sales of such devices by InterAct. Finally, InterAct and Immersion will work together to develop new touch-enabled peripheral devices to be distributed by InterAct. "InterAct is the largest distributor of gaming accessories in North America," noted Bob O'Malley, 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. of Immersion. "We are extremely pleased to be able to bring 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. to a close, and look forward to working closely with InterAct to add improved tactile feedback to their line of peripheral products." About Immersion Corp. (www.immersion.com) Founded in 1993, Immersion Corp. develops and licenses advanced hardware and software technologies that let people use their sense of touch to better interact with the digital world around them. Immersion's haptic haptic /hap·tic/ (hap´tik) tactile. hap·tic adj. Of or relating to the sense of touch; tactile. haptic tactile. technology can be applied to virtually every digital experience including personal computing, entertainment, medical training, automotive interfaces, and three-dimensional simulation. Immersion's patented TouchSense(TM) technologies can dramatically improve computer users' performance and productivity by unlocking their sense of touch and allowing them to feel what they see and do on the computer screen. Immersion's medical simulation systems allow healthcare professionals to improve their procedural skills and increase patient safety by using 'digital patients'. Immersion and its wholly owned subsidiaries hold over 100 issued patents worldwide. About InterAct Accessories, Inc. InterAct Accessories, Inc. is a subsidiary of Recoton Corporation. Recoton is a global leader in the development and marketing of consumer electronic accessories, audio products and gaming products. Recoton's more than 4,000 products include highly functional accessories for audio, video, car audio, camcorder, multi-media/computer, home office and cellular and standard telephone products, as well as 900MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. wireless technology products including headphones and speakers; loudspeakers and car and marine audio products including high fidelity loudspeakers, home theater speakers and car audio speakers and components; and accessories for video and computer games. The Company's products are marketed under three business segments: Accessory, Audio and Gaming. Accessory products are offered under the AAMP AAMP American Association of Meat Processors AAMP African American Museum in Philadelphia (since 1976) AAMP American Academy of Maxillofacial Prosthetics AAMP Advanced Architecture Microprocessor (R), Ambico(R), Ampersand The ampersand (&) normally means "and" as in Jones & Company. However, in the computer world, it is used in various ways. In Windows, it is used as a code to precede an underlined character. (R), AR(R)/Acoustic Research(R), Discwasher(R), InterAct(R), Jensen(R), Parsec parsec (pär`sĕc) [parallax + second], in astronomy, basic unit of length for measuring interstellar and intergalactic distances, equal to 206,265 times the distance from the earth to the sun, 3.26 light-years, or 3. (R), Peripheral(R), Recoton(R), Rembrandt(R), Ross(TM), SoleControl(R), SoundQuest and Stinger brand names. Audio products are offered under the Advent(R), AR(R)/Acoustic Research(R), HECO HECO Hawaiian Electric Company, Inc. (TM), Jensen(R), MacAudio(R), Magnat(R), NHT NHT National Housing Trust NHT Now Hear This (speaker manufacturer; Benicia, California) NHT National Heritage Trust (Australia) NHT Naphtha Hydrotreater NHT Now Here This (R) (Now Hear This), Phase Linear(R), Recoton(R), and brand names. Gaming products are offered under the Game Shark(R), InterAct(R) and Performance(TM) brand names. Statements made in this press release other than statements of historical fact are forward-looking statements, including those that reflect management's current forecast of certain aspects of Immersion's future. Forward-looking statements made in this press release are based on current information, which we have assessed but which by its nature is dynamic and subject to rapid and even abrupt changes. Forward-looking statements include statements regarding InterAct and Immersion working together to develop new touch-enabled peripheral devices to be distributed by InterAct and that InterAct will pay Immersion an agreed upon sum for past sales of its royalty-bearing products. 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, whether InterAct will launch new royalty-bearing, touch-enabled peripheral products, the timing of such product introductions and whether there will be consumer demand for such touch-enabled products, and whether InterAct timely satisfies its obligations to Immersion under the settlement agreement. Risks and uncertainties related to Immersion's business in addition to those described above are further outlined in Immersion's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. These reports are filed with the Securities and Exchange Commission. These factors may not constitute all factors that could cause actual results to differ materially from those discussed in any forward-looking statement. Immersion is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. |
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