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Monday May 3, 1:49 pm Eastern Time
Company Press Release
Misonix Announces Settlement of Mentor Patent Litigation
FARMINGDALE, N.Y.--(BUSINESS WIRE)--May 3, 1999--Misonix, Inc. (''Misonix'') (Nasdaq: MSON - news) today announced an agreement for the settlement of the patent litigation instituted by Mentor against Misonix. The terms of the settlement being presented to the District Court in Los Angeles hearing the matter are comprised of (a) a settlement and release by Mentor of Misonix in the patent litigation, (b) a cross licensing agreement whereby each would license the other to use each other's patent and technology, (c) a manufacturing and supply agreement whereby Misonix would ultimately become the sole source of ultrasonic liposuction equipment sold by Mentor, whether under the Mentor or the Misonix patent and technology, (d) Misonix would make a prepayment of $1,500,000 as an advance royalty to Mentor under the cross licensing agreement, (e) Misonix would be selected to develop and manufacture the next generation of liposuction equipment, and (f) Mentor would have sole worldwide sales and marketing rights to the products.
Michael A. McManus, Jr., President and CEO of Misonix stated that: ''This mutually beneficial settlement puts both companies on a joint fast track toward commercially developing and exploiting this useful and needed technology and removes what we all considered to be unnecessary delays and impediments. This will enable us to move forward to grow Misonix and continue to enhance shareholder value. We are delighted in being named the exclusive manufacturer and supplier of this equipment for Mentor and look forward to benefitting from Mentor's vast experience in sales and promotion of this and other products. We are also very excited about joining to develop the next generation of product which we believe can vastly expand our market.''
The settlement is subject to court approval and the execution and delivery of formal documents implementing the cross licensing, supply and development agreements, which is anticipated to occur within the next thirty days. The settlement agreement does not affect Mentor's claims against the Misonix licensees, Medical Device Alliance, Inc. and Lysonix, Inc., whose rights under the license agreement have previously been terminated by Misonix.
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