Amer Group gains 23 million USD from patent litigation settlement
2003-09-10, 09:17
Further to its announcement dated 15 May 2003, Amer Group Plc has recognised a gain of 23 million USD following the amicable settlement of a patent litigation case in the U.S.A. The other party to the litigation, the Life Fitness division of Brunswick Corporation, will pay the settlement amount in two annual installments in 2003 and 2004, in return for a sublicense of the patent rights held by Precor, a part of Amer Group, to use technology for elliptical fitness equipment. The gain will be included in Amer's interim results for the period January-September 2003.
Under the terms of the settlement, Brunswick shall make a payment to cover past claims in the amount of 25 million USD, of which 2 million USD will be paid to the individual inventor of the technology. In addition, Precor will receive royalties on all future sales of products by Life Fitness which are covered by the patent.
Precor manufactures technically advanced low-impact fitness equipment. The company's product range includes elliptical cross-trainers, treadmills, stationary cycles, climbers, stretch trainers and strength training systems.
Under the terms of the settlement, Brunswick shall make a payment to cover past claims in the amount of 25 million USD, of which 2 million USD will be paid to the individual inventor of the technology. In addition, Precor will receive royalties on all future sales of products by Life Fitness which are covered by the patent.
Precor manufactures technically advanced low-impact fitness equipment. The company's product range includes elliptical cross-trainers, treadmills, stationary cycles, climbers, stretch trainers and strength training systems.