SmarTire reaches settlement with Siemens on patent infringement lawsuit
SmarTire Systems Inc. has settled its patent infringement lawsuit against Siemens VDO Automotive Corp. (now known as Continental Automotive Systems US Inc). The suit was pending in the United States District Court for the Eastern District of Virginia.
The terms of the "Settlement and License Agreement" between the parties are confidential. In addition, Siemens has "acknowledged the validity and enforceability" of SmarTire's U.S. Patent No. 5,231,872 in a judgment that was entered by the district court on Feb. 21, 2008, according to SmarTire.
"We expect to receive significant financial and non-financial benefits from the settlement, including substantial net proceeds after payment of withholding taxes and litigation-related expenses," says SmarTire President Dave Warkentin. "It will have a positive impact and allow us to focus on growing our business."
For more information, visit www.smartire.com.