SHENZHEN, China, Nov. 20, 2015 /PRNewswire/ -- Mindray Medical
International Limited (the "Company", NYSE: MR), a leading
developer, manufacturer and marketer of medical devices worldwide,
announced today that the company and various of its subsidiaries
(collectively, "Mindray"), have entered into a Settlement and
Covenant Not to Sue Agreement with Masimo Corporation and various
of its subsidiaries (collectively, "Masimo") whereby Mindray and
Masimo have each agreed to settle and dismiss, as applicable, their
patent, contract and anti-trust claims and counterclaims in the
U.S. and China against each other
and entered into a patent-related
covenant not to sue.
Pursuant to the settlement, among other things, Mindray has
agreed, subject to limited exceptions, that from the settlement
date through December 31, 2027 it
will purchase all pulse oximetry technology components for Mindray
patient monitoring products sold in the U.S. and Canada from Masimo (Masimo is already
Mindray's primary supplier of these components for sales in the
U.S.). In addition, Mindray has agreed to pay Masimo $25 million (to be paid in full by mid-January 2016) and assigned to Masimo certain
patents (covering areas not practiced in Mindray's
products).
Mindray expects a related Q4 2015 charge of $15.3 million (with $9.7
million previously accrued in 2012), and it has determined
these arrangements are immaterial to its operations as a whole and
will not adversely impact its business.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are not descriptions
of historical facts, including, without limitation, statement that
Mindray expects a related Q4 2015 charge of $15.3 million (with $9.7
million previously accrued in 2012), and it has determined
these arrangements are immaterial to its operations as a whole and
will not adversely impact its business are forward-looking
statements. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Mindray may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
on forms 20-F and 6-K, in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about Mindray's beliefs, expectations and projections, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements due to a
variety of factors. A number of important factors could cause
actual results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties are
outlined in Mindray's filings with the U.S. Securities and Exchange
Commission, including its registration statements on Form F-1, F-3
and 20-F, in each case as amended. Any projections in this release
are based on limited information currently available to us, which
is subject to change. Although such projections and the factors
influencing them will likely change Mindray does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. Such forward-looking statement
speaks only as of the date of this release.
About Mindray
We are a leading developer, manufacturer and marketer of medical
devices worldwide. We maintain our global headquarters
in Shenzhen, China, U.S.
headquarters in Mahwah, New Jersey and multiple sales
offices in major international markets. From our main manufacturing
and engineering base in China, we supply through our worldwide
distribution network a broad range of products across three primary
business segments, namely patient monitoring and life support,
in-vitro diagnostics, and medical imaging systems. For more
information, please visit http://ir.mindray.com.
For investor and media inquiries, please contact:
In China:
Cathy Gao
Mindray Medical International Limited
Tel: +86-755-8188-8023
Email: cathy.gao@mindray.com
In the U.S:
Hoki Luk
Western Bridge, LLC
Tel: +1-646-808-9150
Email: hoki.luk@westernbridgegroup.com
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SOURCE Mindray Medical International Limited