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Burst Accepts One-Time Payment of $10M Cash From Apple
Burst.com & Apple Sign Agreement in Principle to Settle Case
Nov. 23, 2007 09:15 AM
Burst.com, the company that has for 2 years alleged that Apple's iTunes Music Store, iTunes software, the iPod devices, and Apple's QuickTime Streaming products infringe various of its U.S. Patents, this week settled with Apple in return for a one-time payment of $10M cash, giving Apple a patent license providing the right to use Burst's intellectual property in its own technology and products, without further consideration.
"Burst plans to continue identifying and evaluating companies who represent licensing opportunities and intends to diligently pursue those likely to yield suitable returns," the company stated, in an announcement.
Court costs, expenses and attorney's fees in connection with the settlement of the litigation with Apple will reduce proceeds to the Company to approximately $4.6 million. According to the agreement, payment to Burst is to be made promptly after signing of a definitive settlement agreement. Burst's Board of Directors has indicated that it will be considering a cash distribution to Burst's shareholders from the Apple license fee, in an amount to be determined."
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