Amer Group confirms that the Company's fitness equipment division, Precor, has entered into negotiations to settle a patent litigation case. The litigation relates to an exclusive right held by Precor to use technology for elliptical fitness equipment. The other party to the litigation, the Life Fitness division of Brunswick Corporation, has today announced that it has made a 25 million USD provision, reflecting its estimate of the likely outcome of the litigation.
Amer discloses that the settlement agreement is not yet final, as any agreement between it and Brunswick is currently subject to the approval of a third party, the inventor of the elliptical machine patent.
Further information about the amount and timetable of any settlement funds will be provided if and when a final settlement has been reached. The trial in the case is currently scheduled for July 15 2003 in Seattle, Washington USA.
