Malibu Boats Reports Litigation Progress and Reaches Agreement with MB Sports
Malibu Boats reported a favorable claim construction ruling in its patent litigation against Skier’s Choice, which allegedly infringes on Malibu's patents regarding wakesurfing technology. Following this ruling, MB Sports, Inc. entered a license agreement with Malibu, involving a one-time payment and future royalties. CEO Jack Springer highlighted the respect for Malibu's innovations, noting that all significant towboat manufacturers except Skier’s Choice license Malibu’s intellectual property. The company continues to lead in the recreational powerboat market with its diverse brands.
- Favorable ruling in ongoing patent litigation, potentially strengthening Malibu's market position.
- MB Sports entered into a licensing agreement, providing Malibu with a one-time payment and future royalties.
- Malibu maintains a dominant market presence with over twenty brands licensing its patents.
- Only one major competitor, Skier’s Choice, does not license Malibu's patents, indicating ongoing competition and potential market challenges.
LOUDON, Tenn., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Malibu Boats, LLC, the leading pioneer of modern wakesurfing technology, including the standard-setting Surf Gate system, reported that the Court entered a favorable claim construction ruling in Malibu’s ongoing patent litigation against Skier’s Choice. In that litigation, Malibu is asserting infringement by certain Skier’s Choice Supra and Moomba branded boats.
Today, only days after the Court's ruling, Malibu announced that MB Sports, Inc. entered into a license agreement with Malibu that includes MB paying a one-time payment and future royalties to Malibu. Malibu CEO Jack Springer said, “The boating industry continues to show respect for Malibu’s innovations. Today, over twenty brands directly or indirectly license our IP, and in the towboat manufacturing segment, every significant towboat OEM now licenses Malibu’s patents. The sole exception is Skier’s Choice.”
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.
About MB Sports
Based in Atwater, California, MB Sports, Inc. develops, markets and manufactures quality boats designed to exhibit peak performance and enrich the lives of those who use them. MB purposefully manufactures a limited number of boats annually, still adhering to their original belief that every boat is an inspiration. At MB, we view boat making as an art and strive for perfection in each boat we make. For more information regarding MB’s innovative B52 or Tomcat models, visit mbsportsusa.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
MB Sports, Inc.
Mike Brendel
mbrendel@mbsportsusa.com
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