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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (4739)	12/20/2001 8:47:33 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 5867

Varian Semiconductor Equipment Associates Announces Settlement Of All Outstanding Litigation With Lam Research Corporation GLOUCESTER, Mass.--(BUSINESS WIRE)--Dec. 20, 2001--Varian Semiconductor Equipment Associates, Inc. (Nasdaq: VSEA - news) today announced that the company has amicably resolved the patent infringement litigation with Lam Research Corporation (Nasdaq: LRCX - news) that was filed in October 1993. Under the settlement agreement signed today, Varian Semiconductor has granted a nonexclusive license to Lam under the patents in question. In return, Lam has agreed to pay Varian Semiconductor $20 million and to issue a warrant for the purchase of 2 million shares of Lam common stock, exercisable through December 2005 at a price of $21.30 per share. Five million dollars is payable on signing for licensed use of the patents during 2001, with the warrant covering licensed use of the patents in 2000 and earlier. Quarterly payments totaling the balance of $15 million will be paid over the next three years for future licensed use over the remaining life of the patents. As part of the full and final settlement, the parties have agreed to dismiss all pending claims and counterclaims. Receipt of the warrants and the $5 million payment will result in a substantial one-time non-recurring recording of royalty income for Varian Semiconductor's quarter ending December 28, 2001. The remaining $15 million in payments will be accounted for as licensing income in the quarter received. Richard A. Aurelio, Varian Semiconductor's chairman and chief executive officer, said, ``We are pleased to have arrived at an amicable resolution with Lam that is consistent with our business objectives. James Bagley, chairman and chief executive officer of Lam, added, ''We, too, are pleased to have been able to resolve this lawsuit.`` About Varian Semiconductor Varian Semiconductor Equipment Associates, Inc. is the leading producer of ion implantation equipment used in the manufacture of semiconductors. The Company is headquartered in Gloucester, Massachusetts, and operates worldwide. The Company's stock trades on the Nasdaq National Market under the symbol VSEA. Varian Semiconductor maintains a web site at www.vsea.com. The information contained in the Company's web site is not incorporated by reference into this release, and the web site address is included in this release as an inactive textual reference only. Note: This release contains certain forward-looking statements, which are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those relating to the resolution of the litigation between Varian Semiconductor and Lam, the parties' performance of the terms of the settlement and the accounting treatment of the settlement. Such statements are based on current expectations and are subject to risks, uncertainties and changes in condition, significance, value and effect, including but not limited to the parties' future interpretation of the terms of the settlement agreement, future claims between the parties that are unrelated to the current settlement and those risks detailed in documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update the information in this release.