IRVINE, Calif., Jan. 10, 2008 (PRIME NEWSWIRE) -- Meade Instruments Corp. (Nasdaq:MEAD), a leading designer and manufacturer of optical products, including telescopes, riflescopes, binoculars and microscopes, today announced that it has agreed to a settlement in a complaint filed by Star Instruments and RC Optical Systems against the Company and its dealers.
As part of the settlement agreement, plaintiffs dropped their claim for a substantial monetary recovery. In exchange, Meade has agreed to pay a de minimus amount to the plaintiffs and to rename their ground breaking RCX product, not using any initials that might suggest Ritchey-Chretien in the name. At the same time, Meade will be under no restrictions in referencing the Ritchey-Chretien-like benefits of the RCX product, such as the elimination of coma, which many people feel is the single largest benefit of the Ritchey-Chretien optical system.
"This settlement allows us to close the book on this matter and to focus on continuing development and introduction of new and exciting products for our customers," said Meade Chief Executive Officer and President Steve Muellner. "We have always maintained our innocence and vigorously defended ourselves in this matter. The settlement agreement dismisses all complaints brought forward and releases Meade from any and all future claims relating to this litigation."
ABOUT MEADE INSTRUMENTS
Meade Instruments is a leading designer and manufacturer of optical products including telescopes and accessories for the beginning to serious amateur astronomer. Meade offers a complete line of binoculars that address the needs of everyone from the casual observer to the serious sporting or birding observer. Meade also offers a complete line of riflescopes under the Simmons(r), Weaver(r) and Redfield(r) brand names. The Company distributes its products worldwide through a network of specialty retailers, mass merchandisers and domestic and foreign distributors. Additional information on Meade is available at www.meade.com.
"Safe-Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain comments and forward-looking statements based on current plans, expectations, events, and financial and industry trends that may affect the Company's future operating results and financial position. Such statements involve risks and uncertainties which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed above. Such risks and uncertainties include, without limitation, risks and uncertainties set forth in the Company's filings with the Securities and Exchange Commission. For additional information, please refer to the Company's filings with the Securities and Exchange Commission.