Itron Announces Patent Litigation Settlement
July 15 2016 - 4:30PM
Business Wire
Itron, Inc. (NASDAQ:ITRI) today announced that it has reached an
agreement to settle patent litigation claims brought by TransData,
Inc. against Itron and certain Itron customers.
The parties have mutually agreed to dismiss all litigation
claims related to TransData’s patents. Itron and Itron’s customers
will not be subject to any further infringement claims in
connection with these TransData patents. Financial terms of the
settlement were not disclosed. Itron previously recorded a
financial reserve in 2015 for estimated settlement costs related to
this matter and will record adjustments to the amount in 2016 to
reflect the final agreement.
Itron provided the following statement regarding the
agreement:
“Itron has a long track record of innovation,
including more than 1,000 patents issued and pending. We are
pleased to have reached a resolution to this matter on mutually
agreeable terms and look forward to continuing to serve our
customers as a leader in designing smart communicating meter
systems.”
About Itron
Itron is a world-leading technology and services company
dedicated to the resourceful use of energy and water. We provide
comprehensive solutions that measure, manage and analyze energy and
water. Our broad product portfolio includes electricity, gas, water
and thermal energy measurement devices and control technology;
communications systems; software; as well as managed and consulting
services. With thousands of employees supporting nearly 8,000
customers in more than 100 countries, Itron applies knowledge and
technology to better manage energy and water resources. Together,
we can create a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc.
Forward-Looking Statements
This release contains forward-looking statements concerning our
expectations about operations, financial performance, sales,
earnings and cash flows. These statements reflect our current plans
and expectations and are based on information currently available.
The statements rely on a number of assumptions and estimates, which
could be inaccurate, and which are subject to risks and
uncertainties that could cause our actual results to vary
materially from those anticipated. Risks and uncertainties include
the timing and ability to regain compliance with the reporting
obligations of the Securities and Exchange Commission within any
exemption period granted by NASDAQ, the rate and timing of customer
demand for our products, rescheduling of current customer orders,
changes in estimated liabilities for product warranties, adverse
impacts of litigation, changes in laws and regulations, our
dependence on new product development and intellectual property,
future acquisitions, changes in estimates for stock-based and bonus
compensation, increasing volatility in foreign exchange rates,
international business risks and other factors that are more fully
described in our Annual Report on Form 10-K for the year ended
December 31, 2015 and other reports on file with the Securities and
Exchange Commission. Itron undertakes no obligation to update
publicly or revise any forward-looking statements, including our
business outlook.
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version on businesswire.com: http://www.businesswire.com/news/home/20160715005775/en/
Itron, Inc.Sharelynn Moore, 509-891-3524Vice President, Global
Marketing and Public AffairsorBarbara Doyle, 509-891-3443Vice
President, Investor Relations
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