|By Business Wire||
|April 30, 2014 01:51 PM EDT||
eMagin Corporation (NYSE MKT:EMAN), the leader in the development, design and manufacture of Active Matrix OLED microdisplays for high resolution imaging products, today announced that it has entered into a settlement agreement with Global OLED Technology, LLC relating to two patent license agreements.
Pursuant to the settlement agreement, the parties agreed to terminate the patent license agreements entered into in 1998 and 1999, respectively, between FED Corporation (predecessor to eMagin Corporation) and Eastman Kodak Company (predecessor to Global OLED Technology, LLC), in exchange for mutual releases and the payment by eMagin of a one-time, undisclosed settlement amount, substantially all of which was recorded as an expense by eMagin in the fourth quarter of 2013 as a reasonable good faith estimate. In addition, the parties agreed to dismiss with prejudice the lawsuit commenced by Global OLED Technology, LLC in New York state court in January 2014. The balance of the terms of the settlement agreement remain confidential.
“We are pleased to have amicably resolved all matters relating to the license agreements with Global OLED Technology,” stated Andrew Sculley, President and CEO. “This final resolution extinguishes any apparent financial or legal uncertainty that may have arisen under the license agreements. Furthermore, it allows us to continue to execute on our core business strategies without any contractual royalty obligations on the sale of eMagin’s current product offering, which does not incorporate any GOT intellectual property.”
About eMagin Corporation
A leader in OLED microdisplay technology, OLED microdisplay manufacturing know-how and mobile display systems, eMagin manufactures high-resolution OLED microdisplays and integrates them with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. More information about eMagin is available at www.emagin.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.