Harvatek Agrees To Royalty Bearing, Worldwide License To Cree - Quick Facts

(RTTNews) - Cree, Inc. (CREE) announced the company has reached a confidential settlement in its patent infringement lawsuit with Harvatek Corp. Harvatek has agreed to a royalty bearing, worldwide license to the Cree patents-in-suit. Harvatek will pay Cree a license issue fee and ongoing royalties as part of the license agreement.

Brad Kohn, general counsel for Cree, said: "Harvatek filed two meritless patent infringement countersuits in California. Both were quickly dismissed with prejudice and with no compensation paid by Cree. Cree's original patent infringement lawsuit has now been settled, resulting in a license agreement that properly compensates Cree for the use of our IP."