PELOTON AND ECHELON ANNOUNCE SETTLEMENT OF ALL PENDING LITIGATION

Rhea-AI Summary

Peloton Interactive and Echelon have settled all pending litigation as of November 8, 2022. Following this global settlement, Echelon will cease using Peloton's patented leaderboard technology in on-demand classes. All pending legal actions will be dismissed, allowing both companies to move forward without further comment. This resolution aims to eliminate legal disputes and refocus efforts on their respective business endeavors.

Positive

• Settlement of litigation allows Peloton to concentrate on business operations without legal distractions.
• Echelon's agreement to stop using Peloton's patented technology mitigates competitive risks for Peloton.

Negative

• None.

NEW YORK and CHATTANOOGA, Tenn., Nov. 8, 2022 /PRNewswire/ -- Peloton Interactive, Inc. (NASDAQ: PTON) and Echelon announce today the settlement of all pending litigation between them. All pending actions will be dismissed. As a result of this global settlement, Echelon has agreed that it will cease using Peloton's patented leaderboard technology in on-demand classes. The parties are pleased to put the litigation behind them and will have no further comment.

About Peloton

Peloton (NASDAQ: PTON) is the leading connected fitness platform with a loyal community of nearly 7 million Members worldwide. A category innovator at the nexus of fitness, technology, and media, Peloton's first-of-its-kind subscription platform seamlessly combines innovative hardware, distinctive software, and exclusive content. Its world-renowned instructors, coach and motivate Members to be the best version of themselves anytime, anywhere. Founded in 2012 and headquartered in New York City, Peloton continues to scale across the US, UK, Canada, Germany, and Australia. For more information, visit www.onepeloton.com.

About Echelon

Echelon, a complete connected at-home fitness solution, has grown since its inception in 2017 to a full range of smart exercise equipment, including bikes, rowers, treadmills, fitness mirrors and an immersive membership experience. With a network of professional trainers, live studios across the world and thousands of hours of on demand programming, what began as a mission to make healthy living accessible to all has evolved to a thriving, global brand. For more information, visit www.echelonfit.com.

Contacts:
Ben Boyd, Communications, Peloton
press@onepeloton.com 

Peter Stabler, Investor Relations, Peloton
investor@onepeloton.com 

Marissa Mastellone, Echelon
marissa@misfittoyscomms.com 

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SOURCE Peloton

FAQ

What is the significance of the Peloton and Echelon settlement announcement on November 8, 2022?

The settlement resolves all pending litigation between Peloton and Echelon, allowing both companies to focus on their businesses.

What changes will occur due to the settlement between Peloton and Echelon?

Echelon has agreed to cease using Peloton's patented leaderboard technology in their on-demand classes.

How does the settlement affect Peloton's competitive position?

The settlement strengthens Peloton's competitive position by eliminating the use of its patented technology by Echelon.

What will happen to the pending legal actions between Peloton and Echelon after the settlement?

All pending legal actions will be dismissed as a result of the settlement.

Where can I find more information about the Peloton and Echelon settlement?

More information can be found in their press release available on PR Newswire.