BOXBOROUGH, MA -- (Marketwire) -- 07/23/12 -- SynQor announced today that it has entered into a definitive Settlement Agreement with Murata Electronics North America, Murata Manufacturing and Murata Power Solutions (collectively, "Murata") to resolve certain outstanding issues from SynQor's original IBA patent litigation against Murata (SynQor, Inc. v. Artesyn Technologies, Inc., et al., Civil Action No. 2:07-CV-497, U.S. District Court Eastern District of Texas (the "'497 Case")).
Pursuant to the Settlement Agreement, Murata has agreed to increase its bonded damages in the '497 Case by an additional $4.1M raising its total bonded damages to $25.2M. Murata has also agreed to make a confidential cash payment to SynQor.
The '497 Case is currently on appeal to the Federal Circuit Court of Appeals in Washington D.C. where it is awaiting an oral argument date.
Inquiries concerning the foregoing should be directed to Arthur R. Hofmann, Jr., SynQor's Executive Vice President and General Counsel.
Founded in 1997, SynQor® quickly became the technology, quality and service leader for high efficiency dc-dc converters for the telecom/datacom marketplace. The PowerQor®, BusQor®, DualQor®, iQor, and NiQor® product lines, combined with SynQor's unmatched lead-times, flexibility, design support and lowest total cost of ownership are the benchmark sought by SynQor's worldwide customer base.
In 2004, SynQor began its successful entry into the industrial, railway, medical and military market segments with the InQor®, RailQor®, ACuQor®, MilQor® and UPS product lines. These new technology leading dc-dc and ac-dc product lines have enabled customers to realize vast savings in space, weight and overall system costs while dramatically increasing power densities and end-system performance. Equally important is the service and support advantage SynQor has brought to customers in these market segments.
SynQor is a privately owned U.S. company headquartered in Boxborough, Massachusetts, which is also the location of all of its manufacturing operations. SynQor has a design center in Dallas, Texas, and sales/marketing offices throughout the USA, Europe, Malaysia, Korea and China. More information is available on the company's website at www.synqor.com.
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