DURHAM, N.C. -- Cree, Inc. (Nasdaq: CREE), a leader in LED lighting, announces that Cree and Boston University have agreed with Bridgelux, Inc. to settle the parties’ patent infringement litigation and to dismiss all claims and counterclaims in the suits. As part of the settlement, Cree granted Bridgelux a license to the Cree and Boston University patents at issue in the litigation, and Bridgelux agreed to pay a license fee and royalties. In addition, Bridgelux and Cree have entered into a supply agreement under which Cree will become a significant supplier to Bridgelux. Other terms of the settlement are confidential.
“We are pleased that Cree and Bridgelux were able to resolve the litigation through a supply agreement and licensing arrangement,” stated Adam Broome, Cree vice president-Legal and general counsel. “This resolution underscores the importance of intellectual property in the nitride LED market. We look forward to working with Bridgelux.”
Cree is leading the LED lighting revolution and setting the stage to obsolete the incandescent light bulb through the use of energy-efficient, environmentally friendly LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting solutions, and semiconductor solutions for wireless and power applications.
Cree’s product families include recessed LED down lights, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices. Cree solutions are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, variable-speed motors, and wireless communications.
For additional product and company information, please refer to www.cree.com.
About Boston University
Founded in 1839, Boston University is an internationally recognized institution of higher education and research. With more than 32,000 students and 3,100 faculty members, it is the fourth largest independent university in the United States. BU consists of 17 colleges and schools along with a number of multi-disciplinary centers and institutes which are central to the school's research and teaching mission.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including risks of uncertain product demand; the rapid development of new technology and competing products that may impair demand or render products obsolete; and other factors discussed in our filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended June 29, 2008 and subsequent filings.