Mitsubishi Heavy Industries Licenses Xybernaut Intellectual Property Related to Wearable Computing
Friday April 25, 9:00 am ET
MHI Signs Non-exclusive Royalty-Based Patent License as Part of Initiative to Design, Manufacture, Deploy and Sell Wearable Computing Technologies for a Variety of Industry Sectors
TOKYO & FAIRFAX, Va.--(BUSINESS WIRE)--April 25, 2003-- Xybernaut® Corporation (NASDAQ: XYBR - News) today announced that Mitsubishi Heavy Industries (MHI) has completed a licensing agreement whereby MHI is granted rights to selected Xybernaut intellectual property (IP).
The term of this license agreement is from April 7, 2003 to December 31, 2005. Under this agreement, MHI (and its subsidiaries) is granted a non-exclusive license to Japan Patent No. 2873268, which relates to Xybernaut primary wearable computer IP -- a hands-free computer system.
Though exact payment terms of the agreement were not disclosed, MHI and MHI subsidiaries agree to pay royalty fees to Xybernaut based on a percentage of product sales during the term of the license agreement. This licensing agreement is one example of success related to Xybernaut's recently announced licensing plan.
The plan, which is particularly suitable for Xybernaut's patent portfolio, was created to make it easy for companies to incorporate Xybernaut IP into their computing and communication solutions.
As previously announced, MHI and Xybernaut have already initiated joint projects whereby Xybernaut wearable technologies and solutions are being deployed within MHI in order to enhance its technical competencies, productivity and profitability.
MHI has attained the license to Xybernaut IP in order to expand these internal initiatives within many MHI business units as well as to strengthen MHI efforts to design, manufacture, sell and deploy wearable computing technologies to MHI customers. These strategic developments and deployments address numerous critical business functions within a wide variety of industry segments.
"This license agreement is an extension of the close and trusting relationship between MHI and Xybernaut which is strengthening daily," stated Dr. Ayao Tsuge, Managing Director and Representative Director for MHI's Technical Headquarters (Tokyo, Japan). "As MHI and Xybernaut continue our strategic collaboration on joint technology research and development, we find more and more opportunities to combine Xybernaut know-how and MHI operational expertise for our own internal benefit and that of our customers."
Xybernaut and MHI have identified and prioritized subsequent areas of joint opportunity and respective expertise within MHI and Xybernaut. Both companies are now expanding efforts to develop and deploy wearable computing solutions into targeted business sectors.
"Building on our preliminary initiatives with MHI, this license agreement is a logical next step for both of us," said Edward G. Newman, Xybernaut chairman, CEO and president. "MHI is a world leader in many sectors of industry -- from power generation and utilities; to aerospace and aviation; to shipbuilding and defense systems -- to name just a few. MHI research and development expertise and proven success is second to none. We are very pleased to be a close partner with MHI and we look forward to jointly developing wearable solutions that achieve higher levels of productivity and efficiency for MHI internal teams and MHI customers."
This license agreement provides a structured framework from which MHI and Xybernaut can develop and implement solutions built around their respective intellectual property, operations, know-how and technical capabilities.
About Mitsubishi Heavy Industries (MHI):
Global Headquarters Located at: 5-1, Marunouchi 2-chome,
Chiyoda-ku, Tokyo, Japan
Established: 1950
Employees: over 37,000
Sales: 2,637.7 billion yen (22.0 billion USD) -- (April 1,
2000-March 31, 2001)
Primary Products and Services: Shipbuilding, Steel Structures, Power Systems & Nuclear Energy Systems, Aircraft & Space Systems, Chemical Plants, Environmental Systems, Transportation Systems, Machinery for Industrial and General use, Paper & Printing Machinery, Machine Tools, Air-conditioners and many others.
About Xybernaut:
Xybernaut Corporation is the leading provider of wearable/mobile computing hardware, software and services, bringing communications and full-function computing power in a hands-free design to people when and where they need it. Headquartered in Fairfax, Virginia, Xybernaut has offices and subsidiaries in Europe (Germany) and Asia (Japan). Visit Xybernaut's Web site at www.xybernaut.com.
Xybernaut, the Xybernaut logo, Atigo(TM) and Mobile Assistant® V (MA® V) are trademarks or registered trademarks of Xybernaut Corporation in the USA and other countries. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act").
In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act.
Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements.
Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
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Contact:
Xybernaut Corporation, Fairfax
Michael Binko, 703/631-6925
mbinko@xybernaut.com
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Source: Xybernaut Corporation |
