Contact Information: Contact: Robert Taylor, Ph.D.
Fovia Settles Litigation with TeraRecon
| Source: TeraRecon, Inc.
SAN MATEO, CA--(Marketwire - July 2, 2007) - TeraRecon, Inc. today announced that Fovia
and certain persons now or previously associated with it agreed to pay
undisclosed but significant sums, including royalty payments relating to
past activities and royalties on future activities to TeraRecon, to settle
a lawsuit pertaining to 3-D imaging technology filed by TeraRecon against
Fovia and certain employees including Ken Fineman and George Buyanovsky, in
October of 2005. TeraRecon alleged in their suit that Fovia had developed
their business with certain misappropriated trade secrets including
business plans and computer source code.
The settlement also requires Fovia to take a license for certain
intellectual property belonging to TeraRecon, and Fovia promises not to
assert any claims against TeraRecon regarding certain intellectual
property.
Commenting on the settlement, Motoaki Saito, M.D., chief executive officer
of TeraRecon, said, "We are pleased that the parties have been able to
resolve this dispute in a way that demonstrates TeraRecon's commitment to
defending its rights under trade secret and other laws, and thereby
protecting the investment of its shareholders and employees."