LIBERTY LAKE, Wash.--(BUSINESS WIRE)--
Itron, Inc. (NASDAQ:ITRI) today announced that it has reached an
agreement to settle patent litigation claims brought by TransData, Inc.
against Itron and certain Itron customers.
The parties have mutually agreed to dismiss all litigation claims
related to TransData's patents. Itron and Itron's customers will not be
subject to any further infringement claims in connection with these
TransData patents. Financial terms of the settlement were not disclosed.
Itron previously recorded a financial reserve in 2015 for estimated
settlement costs related to this matter and will record adjustments to
the amount in 2016 to reflect the final agreement.
Itron provided the following statement regarding the agreement:
"Itron has a long track record of innovation, including more than 1,000
patents issued and pending. We are pleased to have reached a resolution
to this matter on mutually agreeable terms and look forward to
continuing to serve our customers as a leader in designing smart
communicating meter systems."
Itron is a world-leading technology and services company dedicated to
the resourceful use of energy and water. We provide comprehensive
solutions that measure, manage and analyze energy and water. Our broad
product portfolio includes electricity, gas, water and thermal energy
measurement devices and control technology; communications systems;
software; as well as managed and consulting services. With thousands of
employees supporting nearly 8,000 customers in more than 100 countries,
Itron applies knowledge and technology to better manage energy and water
resources. Together, we can create a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc.
This release contains forward-looking statements concerning our
expectations about operations, financial performance, sales, earnings
and cash flows. These statements reflect our current plans and
expectations and are based on information currently available. The
statements rely on a number of assumptions and estimates, which could be
inaccurate, and which are subject to risks and uncertainties that could
cause our actual results to vary materially from those anticipated.
Risks and uncertainties include the timing and ability to regain
compliance with the reporting obligations of the Securities and Exchange
Commission within any exemption period granted by NASDAQ, the rate and
timing of customer demand for our products, rescheduling of current
customer orders, changes in estimated liabilities for product
warranties, adverse impacts of litigation, changes in laws and
regulations, our dependence on new product development and intellectual
property, future acquisitions, changes in estimates for stock-based and
bonus compensation, increasing volatility in foreign exchange rates,
international business risks and other factors that are more fully
described in our Annual Report on Form 10-K for the year ended December
31, 2015 and other reports on file with the Securities and Exchange
Commission. Itron undertakes no obligation to update publicly or revise
any forward-looking statements, including our business outlook.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160715005775/en/
Sharelynn Moore, 509-891-3524
Global Marketing and Public Affairs
Vice President, Investor Relations
Source: Itron, Inc.
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