Jury Verdict Rendered against Cybex International, Inc. in Patent Suit, Cybex to Appeal
August 30 2005 - 12:08PM
Business Wire
Cybex International, Inc. (AMEX: CYB), a leading exercise equipment
manufacturer, reported that a jury verdict has been rendered in the
patent infringement litigation, Colassi v. Cybex International,
Inc. The jury held that Cybex's Stableflex deck system utilized in
its treadmills infringes a patent held by the plaintiff, and
awarded to the plaintiff damages of $2.5 million. Cybex is
disappointed in this verdict which it believes is unsupported both
by the record and by sound engineering principles. It believes that
strong grounds exist to appeal the decision, which it will
vigorously pursue. Cybex anticipates recording a third quarter 2005
pre-tax charge of approximately $3.5 million including costs and
legal fees with respect to the Colassi litigation. While Cybex
intends to pursue relief from the verdict, it has sufficient
liquidity to satisfy the award if its appeal is ultimately
unsuccessful. Cybex is also implementing a redesigned deck system
and does not expect the court decision to have a significant impact
on sales of its treadmill products. Cybex International, Inc. is a
leading manufacturer of premium exercise equipment for commercial
and consumer use. The CYBEX product line includes a full range of
both strength training and cardio training machines sold worldwide
under the CYBEX brand. Products and programs are designed and
engineered to reflect the natural movement of the human body,
assisting each unique user - from the professional athlete to the
first-time exerciser - to improve daily human performance. For more
information on CYBEX and its product line, please visit the
Company's website at www.cybexinternational.com. This news release
may contain forward-looking statements. There are a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated by the statements made above.
These include, but are not limited to, competitive factors,
technological and product developments, market demand, economic
conditions and the ability of the Company to comply with the terms
of its credit facilities. Further information on these and other
factors which could affect the Company's financial results can be
found in the Company's previously filed Report on Form 10-K, its
Reports on Form 10-Q, its Current Reports on Form 8-K, and its
proxy statement dated April 6, 2005.
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