Malibu Boats and Go Surf Assist Settle Patent Litigation
Malibu Boats has settled a patent infringement lawsuit against Go Surf Assist regarding surf system technology. The settlement includes a one-time payment from Go Surf Assist and a license agreement for future royalties on the technology. This resolution underscores Malibu Boats' position as a leader in wakesurfing innovation and enhances its competitive edge in the recreational boating market.
- Settlement of a patent infringement case enhances Malibu's competitive position.
- One-time payment and future royalties from Go Surf Assist contribute to revenue.
- None.
LOUDON, Tenn., Aug. 21, 2020 (GLOBE NEWSWIRE) -- Malibu Boats, LLC, the leading innovator and pioneer of modern wakesurfing technology, including the standard-setting Surf Gate system, today announced that it has settled the patent infringement case brought by Malibu Boats against Go Surf Assist, LLC before the U.S. District Court for the Western District of Texas, Waco Division. Under the terms of the settlement, Go Surf Assist will make a one-time payment to Malibu Boats, and will enter into a license agreement for the payment of future royalties for surf systems sold by Go Surf Assist using the licensed technology.
About Malibu Boats
Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats Inc. is the commanding market leader in the performance sport boat category through its Malibu and Axis Wake Research boat brands, the leader in the 20’ – 40’ segment of the sterndrive boat category through its Cobalt brand and in a leading position in the offshore fishing boat market with its Pursuit brand. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, or www.pursuitboats.com.
Forward Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes the statements in this press release regarding the uncertain impact on the Company of the COVID-19 pandemic, the Company’s ability to extend its leadership position in the marine industry and the Company’s ability to withstand downward retail momentum. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: the potential effects of the coronavirus (COVID-19) pandemic on the Company; general industry, economic and business conditions; the Company’s large fixed cost base; the Company’s ability to grow its business through acquisitions and integrate such acquisitions to fully realize their expected benefits; the Company’s reliance on its network of independent dealers and increasing competition for dealers; intense competition within the Company’s industry; increased consumer preference for used boats or the supply of new boats by competitors in excess of demand; the successful introduction of new products; the Company’s ability to execute its manufacturing strategy successfully; the success of the Company’s engines integration strategy; and other factors affecting the Company detailed from time to time in its filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside the Company’s control, and there may be other risks and uncertainties which the Company does not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although the Company believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise.
Contacts
Malibu Boats, Inc.
Wayne Wilson
InvestorRelations@MalibuBoats.com
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