IN THE NEWS
Cardiac Science Announces Settlement of Patent Litigation With Philips
Settlement includes Dismissal of Claims, Mutual Cross License of Lawsuit Patents, and Additional Licensing ArrangementsBOTHELL, WA -- Cardiac Science Corporation announced today the settlement of its long-standing patent litigation with Philips.
Under the settlement agreement all claims by each side have been dismissed and each side has been granted rights to the respective defibrillation-technology patents of the other side that were a part of the suit. In addition, Cardiac Science has been granted a perpetual, royalty-free, worldwide license to certain other defibrillation patents of Philips not associated with the suit in exchange for a one-time payment of $1 million.
“We believe that settling this dispute and licensing the additional intellectual property will provide greater benefit than continuing to invest in the highly uncertain litigation process,” said John R. Hinson, president and CEO of Cardiac Science.
About Cardiac Science
Cardiac Science, a wholly owned subsidiary of Opto Circuits (India) Ltd., develops, manufactures, and markets a family of advanced diagnostic and therapeutic cardiology devices and systems, including automated external defibrillators (AED), electrocardiograph devices (ECG/EKG), cardiac stress treadmill and systems, PC-based diagnostic workstations, Holter monitoring systems, hospital defibrillators, vital signs monitors, cardiac rehabilitation telemetry systems, and cardiology data management systems (informatics) that connect with hospital information (HIS), electronic medical record (EMR), and other information systems. The company sells a variety of related products and consumables and provides a portfolio of training, maintenance, and support services. Cardiac Science, the successor to the cardiac businesses that established the trusted Burdick®, HeartCentrix®, Powerheart®, and Quinton® brands, is headquartered in Bothell, Washington. With customers in almost 100 countries worldwide, the company has operations in North America, Europe, and Asia. For information, call 425.402.2000 or visit http://www.cardiacscience.com.
Forward-Looking Statements
This press release contains forward-looking statements. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, those relating to Cardiac Science Corporation's future AED sales in Japan, expected shipments of backordered products in the fourth quarter of 2010, and expectations regarding the closing of the transaction with Opto Circuits. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results and performance may vary significantly from those expressed or implied in such statements. Factors that could cause or contribute to such varying results and other risks include those more fully described in the Annual Report on Form 10-K filed by Cardiac Science Corporation for the year ended December 31, 2009, as updated by subsequent quarterly reports on Form 10-Q. Cardiac Science Corporation undertakes no duty or obligation to update the information provided herein.
For updates and information on worldwide defibrillation and cardiac monitoring, find us on Facebook at http://facebook.com/cardiacscience, the Cardiac Science blog at http://www.cardiacscience.com/blog, Twitter at http://twitter.com/cardiacscience, and YouTube at http://budurl.com/CSonYT
For information, contact (media) Anastasia Mironova amironova@cardiacscience.com+1.425.402.2092 | (investors) ir@optoindia.com | +91.80.2852.8088 LOGO: http://www.cardiacscience.com/images/main_logo.gif