Audiovox Successfully Concludes Patent Infringement Lawsuit Brought Against Epsilon Electronics 30 October 2005
Audiovox Corporation ;(Nasdaq: VOXX) today announced that it has favorably settled the patent ;infringement action which it filed against Epsilon Electronics, Inc., Power ;Acoustik Electronics and Farenheit Technologies charging them with ;infringement of U.S. Patent Number 5,775,762 covering all-in-one automotive ;overhead video systems. "This settlement represents a significant step in our efforts to enforce ;and protect the technology enveloped in our all-in-one overhead patent and our ;commitment to strengthening our intellectual property," said Patrick M. ;Lavelle, President and CEO of Audiovox Corporation. "We believe that ;Intellectual property is critical to this organization as it is a key ;differentiator between our Company and the competition. As this case ;demonstrates, we will vigorously challenge infringements. Our Company has ;committed considerable resources to enforcing its intellectual property rights ;in the best interests of the company, our customers and our shareholders." As part of the settlement, Epsilon Electronics, Inc., which sells its all- ;in-one overhead units under the FARENHEIT and POWER ACOUSTIK brands, has ;taken a non-exclusive license under Audiovox's all-in-one overhead patent. ;Epsilon joins Rosen Entertainment Systems, Icon TV, Audiobahn and others as ;licensees of Audiovox's all-in-one overhead patent. The financial terms of ;the settlement were not released. ; About Audiovox Audiovox Corporation is a leading international supplier and value added ;service provider in the consumer electronics industry. The Company conducts ;its business through subsidiaries and markets mobile and consumer electronics ;products both domestically and internationally under several of its own ;brands. It also functions as an OEM (Original Equipment Manufacturer) supplier ;to a wide variety of customers, through several distinct distribution ;channels. For additional information, please visit Audiovox on the Web at ;http://www.audiovox.com. ; Safe-Harbor Language Except for historical information contained herein, statements made in ;this release that would constitute forward-looking statements may involve ;certain risks and uncertainties. All forward-looking statements made in this ;release are based on currently available information and the Company assumes ;no responsibility to update any such forward-looking statement. The following ;factors, among others, may cause actual results to differ materially from the ;results suggested in the forward-looking statements. The factors include, but ;are not limited to, risks that may result from changes in the Company's ;business operations; our ability to keep pace with technological advances; ;significant competition in the mobile and consumer electronics businesses as ;well as the wireless business; our relationships with key suppliers and ;customers; quality and consumer acceptance of newly introduced products; ;market volatility; non-availability of product; excess inventory; price and ;product competition; new product introductions; the possibility that the ;review of our prior filings by the SEC may result in changes to our financial ;statements; and the possibility that stockholders or regulatory authorities ;may initiate proceedings against Audiovox and/or our officers and directors as ;a result of any restatements. Risk factors associated with our business, ;including some of the facts set forth herein, are detailed in the Company's ;Form 10-K for the fiscal year ended November 30, 2004 and Form 10-Q for the ;fiscal third quarter ended August 31, 2005. ; Company Contacts Glenn Wiener GW Communications for Audiovox Tel: 212-786-6011 or Email: gwiener@GWCco.com ; ; ;
Source: PR Newswire
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