POC Sweden and MIPS 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 Following POC’s opposition the preliminary injunction was withdrawn on 16th March and POC filed a counter claim against MIPS.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.
Notes to editors -
POC, a leading manufacturer of helmets, eyewear, body armor and apparel, has been awarded more than 60 international safety, design, and innovation awards. Founded in 2005 in Sweden, POC’s mission is ‘to do the best we can to possibly save lives and to reduce the consequences of accidents for gravity sports athletes and cyclists’.
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The MIPS share has been listed on Nasdaq Stockholm since March 2017. For more information, see www.mipscorp.com.
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
JOHAN THIEL, PRESIDENT AND CEO firstname.lastname@example.org tel +46 73 399 65 88
MAX STRANDWITZ, CFO email@example.com tel +46 70 961 17 54