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Unedited press release follows:
General Patent Corporation Reaches Settlements in Patent Infringement Lawsuit with Imation and Isonic
General Patent’s Subsidiary, Advanced Video Technologies, Licenses Isonic under Its Full Duplex Single Chip Video Codec Patent
May 24, 2011 10:33 AM Eastern Daylight Time
SUFFERN, N.Y.–General Patent Corporation (GPC), a leading patent licensing and enforcement firm, announced today on behalf of its subsidiary, Advanced Video Technologies LLC (AVT), that it settled patent infringement lawsuits with Imation Corporation of Oakdale, Minn., and Isonic Corporation of New York, N.Y. As part of the settlement, Isonic Corporation took a non-exclusive license under the patent-in-suit at a royalty rate of $0.25 per unit. Imation Corporation paid for past damages and promised to stop selling the infringing product.
Advanced Video Technologies LLC owns U.S. Patent No. 5,781,788 (the “‘788 Patent”) titled “Full Duplex Single Chip Video Codec.” In December of 2010, AVT filed a patent infringement lawsuit (Case No. 10-cv-9013) in the U.S. District Court for the Southern District of New York against seven alleged infringers. Imation Corporation agreed to an out-of-court settlement of the lawsuit, and Isonic Corporation agreed to a settlement and to take a license for the ‘788 Patent. Another defendant, Coby Electronics Corporation, previously agreed to settle the lawsuit and license the ‘788 Patent.
“We are pleased to have now reached an agreement with three of the seven defendants in the AVT patent litigation,” said Paul J. Lerner, GPC’s Sr. Vice President and General Counsel. “The ‘788 Patent is available for licensing on non-discriminatory terms to other manufacturers,” he added.
About Advanced Video Technologies LLC
Advanced Video Technologies LLC owns U.S. Patent No. 5,781,788 for “Full Duplex Single Chip Video Codec.” AVT is a portfolio company of IP Holdings LLC and is managed by General Patent Corporation. For licensing terms and conditions for the ‘788 Patent, contact Kathlene Ingham, GPC’s Director of Licensing, at (845) 368-4000 x107 or email email@example.com. For more information about Advanced Video Technologies LLC visit www.advancedvidtech.com.
About IP Holdings LLC
IP Holdings LLC, an affiliate of General Patent Corporation, is an IP-centric merchant banking organization. IP Holdings provides IP-related financial services, IP brokerage services, and IP advisory services. IP Holdings LLC is a member of Advanced Video Technologies LLC. For more information on IP Holdings, visit www.ip-holdings.com.
About General Patent Corporation
General Patent Corporation, headquartered in Suffern, N.Y., is a leading intellectual property boutique focusing on patent licensing and enforcement. GPC represents patent owners in patent enforcement and assertive licensing on a contingency basis. GPC is the oldest patent enforcement firm in the U.S., and is the managing member of Advanced Video Technologies LLC. For more information, visit www.generalpatent.com.