SemiLEDs and Cree End Patent Litigation
HSINCHU, Taiwan--(BUSINESS WIRE)-- SemiLEDs Corporation (LEDS), a developer and manufacturer of LED chips and LED components, announces that SemiLEDs and Cree, Inc. have agreed to end their respective patent infringement litigation against each other. As part of the settlement, SemiLEDs agreed to make a one-time payment to Cree for past damages and to an injunction, effective October 1, 2012, to stop the importation and sale of SemiLEDs accused products in the United States. The parties have agreed to withdraw the remaining claims without prejudice to the right to assert their respective claims in the future.
The conclusion of the disputes between SemiLEDs and Cree will allow us to now focus our full resources on developing our business and serving our customers. We continue to innovate and are introducing to the market an exciting, new line of LED products, said Adam Lin, VP of Business Development and General Counsel of SemiLEDs Corporation.
SemiLEDs develops and manufactures LED chips and LED components primarily for general lighting applications, including street lights and commercial, industrial and residential lighting. SemiLEDs sells blue, green and ultraviolet (UV) LED chips under the MvpLED brand.
Forward Looking Statements
This press release contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, any projections of future revenues, income, margins or other financial information; any statements about historical results that may suggest trends for SemiLEDs business; any statements of the plans, strategies and objectives of management for future operations; any statements of expectation or belief regarding recovery of the LED industry, market opportunities and other future events or technology developments; any statement regarding SemiLEDs position to capitalize on any market opportunities; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are based on current expectations, estimates, forecasts and projections of future SemiLEDs or industry performance based on managements judgment, beliefs, current trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. SemiLEDs Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) and other SemiLEDs filings with the SEC (which you may obtain for free at the SECs website at http://www.sec.gov) discuss some of the important risks and other factors that may affect SemiLEDs business, results of operations and financial condition. SemiLEDs undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.
David Young, Chief Financial Officer
Sapphire Investor Relations, LLC
Erica Mannion, Investor Relations
Source: SemiLEDs CorporationCopyright Business Wire 2012