YOKNEAM, Israel, Aug. 11 /PRNewswire-FirstCall/ -- Lumenis(R) Ltd. (OTC Pink Sheets: LUME.PK) and Danish Dermatologic Development A/S (DDD) announced that they have agreed to a settlement and license agreement resolving certain patent litigation.
Under the terms of the agreement, which commenced July 1, 2004, Lumenis granted DDD unlimited, non-exclusive, worldwide licenses for Lumenis patents relating to the use of intense pulsed light in aesthetic and medical applications including all of its IPL(R)-related patents. DDD will pay Lumenis royalties on its product sales up to a predetermined cap. In addition, DDD granted Lumenis a fully-paid up, worldwide, non-exclusive license to DDD's patents. The settlement and license agreement includes other confidential terms.
Avner Raz, President and Chief Executive Officer of Lumenis, stated, "We are pleased this litigation has been resolved on mutually beneficial terms. This agreement reflects our determination to resolve ongoing legal disputes and protect Lumenis' valuable intellectual property."
Lumenis is a global developer, manufacturer and seller of laser and light- based devices for medical, aesthetic, ophthalmic, dental and veterinary applications. The Company offers a wide range of products along with extensive product support systems including training, education and service. Lumenis invests heavily in research and development to maintain and enhance its leading industry position. The Company holds numerous patents worldwide on its technologies. For more information about Lumenis and its products, log onto http://www.lumenis.com/
The statements in this press release that are not historical facts are forward-looking statements subject to risks and uncertainties. The Company's actual results could differ materially from those anticipated in the forward- looking statements based on a variety of factors. These include, among others, uncertainties with respect to market acceptance of the Company's products, obtaining regulatory approvals for new products or for the sale of existing products in new markets and enforcement of intellectual property rights, risks associated with competition and competitive pricing pressures, general economic conditions, the Company's international operations, the Company's ability to integrate its operations with those of acquired businesses, the outcome of the Securities and Exchange Commission investigation and several securities class action lawsuits to which the Company is subject, uncertainties relating to the Company's continuing liquidity, and other risks detailed from time to time in the reports filed by Lumenis with the SEC including its annual report on Form 10-K and quarterly reports on Form 10-Q.
Lauri Hanover, CFO