Cree LED and Tomar Electronics Enter Settlement and Limited License Agreement

Rhea-AI Summary

Cree LED, a subsidiary of SGH, announced a settlement with Tomar Electronics concerning the unauthorized use of Cree LED's patented components. The financial details of the agreement remain confidential. Tomar, which purchased the infringing components from a third-party supplier, valued its collaborative relationship with Cree LED and was pleased to resolve the issue amicably. Cree LED emphasizes its commitment to protecting its intellectual property rights and supporting its partners while maintaining its leadership in LED innovation.

Positive

• Successful resolution of patent infringement issue with Tomar Electronics promotes collaboration.
• Cree LED maintains its reputation for protecting intellectual property rights.

Negative

• None.

DURHAM, N.C.--(BUSINESS WIRE)-- Cree LED, Inc. (“Cree LED”), an SGH company (Nasdaq: SGH), and Tomar Electronics, Inc. (“Tomar”) today announced that they have reached a negotiated settlement related to Tomar’s use of LED components that infringe Cree LED patents. The financial terms of the agreement are confidential. As part of the settlement, Cree LED granted Tomar a limited license to certain Cree LED patents covering LED components.

Tomar and Cree LED have a longstanding collaborative relationship that both companies value, and Tomar was unaware that the LED components at issue, which it had purchased from a third-party supplier, were infringing. Under the circumstances, the parties were pleased that they could arrive at a resolution that both addressed the infringement and enabled them to continue working together.

“As an LED lighting innovator, Cree LED holds a broad LED patent portfolio in the U.S. and abroad,” said David Peoples, vice president of marketing at Cree LED. “We have made extensive investments in research and development, quality and product innovation, and we are committed to enforcing our IP rights; and licensing those rights, when warranted, with our valued partners.”

About Tomar Electronics

Founded in Chicago in 1969 and now headquartered in Gilbert, Arizona, TOMAR Electronics, Inc. is a pioneering, family-owned and operated business providing signaling, illumination and right-of-way enhancing products in the industrial and emergency industries which serve government, public and private communities. TOMAR is committed to protecting people, property and budgets through solutions which clear the way for safer, more sustainable environments. For more information, visit https://tomar.com/.

About Cree LED

Cree LED offers one of the industry’s broadest portfolios of application-optimized LED chips and components, leading the industry in performance and reliability. Our team delivers best-in-class technology and breakthrough solutions for focused applications in high power and mid-power general lighting, specialty lighting and video screens. With more than thirty years of experience, Cree LED develops products backed by expert design assistance, superior sales support and industry-best global customer service. For more information, visit www.cree-led.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220914005357/en/

SGH Legal Representative

John Morrow

Womble Bond Dickinson (US) LLP

john.morrow@wbd-us.com

Media Relations

Debi Polo

Sr Manager, Marketing Communications, CreeLED, Inc.

debi.polo@cree-led.com

Source: Cree LED

FAQ

What settlement was reached between Cree LED and Tomar Electronics regarding patent infringement?

Cree LED and Tomar Electronics reached a settlement concerning the unauthorized use of Cree LED's patented LED components, with financial terms kept confidential.

What does the settlement between Cree LED and Tomar Electronics entail?

The settlement involves a limited license granted by Cree LED to Tomar for certain patents covering LED components.

What impact does the Cree LED and Tomar Electronics settlement have on their relationship?

The settlement aims to preserve the longstanding collaborative relationship between Cree LED and Tomar Electronics.

How does Cree LED protect its intellectual property rights?

Cree LED is committed to enforcing its intellectual property rights and licensing them where appropriate to valued partners.

What are Cree LED's contributions to the LED industry?

Cree LED offers a broad portfolio of application-optimized LED chips and components, leading in performance and reliability.