|
SAN JOSE, Calif., May 21 /PRNewswire/ -- SDL, Inc., (NASDAQ:SDLI)
announced today that it has entered into a comprehensive settlement of all
ongoing litigation with Spectra-Physics, Inc. and its subsidiary, Opto Power
Corporation. Pursuant to the terms of the Settlement Agreement, the parties
have agreed that Spectra-Physics and Opto Power will receive no transfer of
claimed optoelectronic technology from SDL. Further terms of the agreement
include a one-time payment by SDL in settlement of all disputes between the
parties. Spectra-Physics retains a license granted under the 1983 Technology
Agreement to use SDL patents issued or applied for prior to June 25, 1993.
Donald R. Scifres, Chairman and Chief Executive Officer of SDL said, "We
are pleased to put this lawsuit behind us and to get on with our business of
developing world class technology and delivering quality products to our
customers worldwide." Scifres added that, "The fact that we will not be
transferring any of our technology to Spectra-Physics or Opto Power was a key
term that should allow us to maintain a leadership position in our markets.
We can now refocus our management and financial resources on the
optoelectronic marketplace and dedicate ourselves to delivering value to our
customers and shareholders."
Gregory C. Lindholm, Vice President, Finance and Chief Financial Officer
noted that "SDL anticipates taking a one-time second quarter charge for the
settlement that will include accrued and expected legal fees through the
conclusion of the settlement. We expect this charge to be approximately
$28 million. After this charge, we will have approximately $25 million of
cash and cash equivalents." |
