MIPS and POC Sweden have reached a settlement and will strengthen their cooperation
On November 15, 2017 MIPS AB ("MIPS") disclosed that the company had been granted a preliminary injunction in Germany in order to prevent an infringement by POC Sweden AB ("POC") of one of MIPS' patents. Following POC's opposition the preliminary injunction was withdrawn on 16th March and POC filed a counter claim against MIPS.
MIPS and POC have today agreed on a settlement with respect to the ongoing legal proceedings. The settlement agreement does not include any obligation for any party to reimburse the other party for the costs incurred in relation to the legal proceedings.
The companies intend to jointly develop safer helmets combining POC and MIPS' strengths in technological innovation, style and quality. The cooperation is estimated to have a limited impact on the 2018 net sales of MIPS.
This information is such that MIPS AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation. The information was submitted, by the contact persons below, for publication on 19 April 2018 at 4:00 p.m. CET
FORE MORE INFORMATION, PLEASE CONTACT:
JOHAN THIEL, PRESIDENT AND CEO
tel +46 73 399 65 88
MAX STRANDWITZ, CFO
tel +46 70 961 17 54
MIPS is a world-leader in helmet-based safety and the protection of the human brain. Based on an ingredient brand business-model, MIPS Brain Protection System (BPS) is sold to the global helmet industry. The BPS solution, which is patented in all relevant markets, is based on 20 years of research and development together with the Royal Institute of Technology and the Karolinska Institute, both located in Stockholm, Sweden.
MIPS headquarter with 25 employees engaged in research and development, sales, marketing and administration is in Stockholm, where its product and technology test facility also is located. Production and manufacturing operations take place at sub-contractor facilities.
The MIPS share has been listed on Nasdaq Stockholm since March 2017. For more information, see www.mipscorp.com.