|By Business Wire||
|May 14, 2014 07:02 AM EDT||
Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the "Company") today announced that its Tessera, Inc. subsidiary received an arbitration award against Amkor Technology, Inc. (“Amkor”) from the International Court of Arbitration of the International Chamber of Commerce (“ICC”). The total award of approximately $145 million includes $20 million paid by Amkor in 2012, unpaid principal of $113 million, and estimated unpaid interest of $12 million through the date of the award. Additional interest will continue to accrue at a rate of 10% per year on the unpaid principal.
“We are pleased that Tessera, Inc.’s rights were affirmed by the arbitration tribunal,” said Tom Lacey, Chief Executive Officer of Tessera Technologies, Inc. “This binding award reflects our commitment to enforcing our license rights when necessary, as we strive to receive fair value for the use of our innovations and intellectual property.”
The parties entered into a license agreement in 1996, and agreed that all disputes would be submitted to final and binding arbitration before the ICC. The tribunal convened by the ICC found that Amkor had intentionally and materially breached the parties’ license agreement, and that, as a result, Tessera, Inc. properly terminated the license agreement in 2011.
Another arbitration hearing, addressing Tessera, Inc.’s claims that Amkor failed to pay royalties for its use of other Tessera, Inc. patents, is scheduled to take place in June 2014.
Safe Harbor Statement
This document contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected, particularly with respect to Amkor’s payment of the amount awarded by the ICC. Material factors that may cause results to differ from the statements made include the plans or operations relating to the Company's businesses; market or industry conditions; changes in patent laws, regulation or enforcement, or other factors that might affect the Company's ability to protect or realize the value of its intellectual property; the expiration of license agreements and the cessation of related royalty income; the failure, inability or refusal of licensees to pay royalties; initiation, delays, setbacks or losses relating to the Company's intellectual property or intellectual property litigations, or invalidation or limitation of key patents; fluctuations in operating results due to the timing of new license agreements and royalties, or due to legal costs; the risk of a decline in demand for semiconductor and camera module products; failure by the industry to use technologies covered by the Company's patents; the expiration of the Company's patents; the Company's ability to successfully complete and integrate acquisitions of businesses; the risk of loss of, or decreases in production orders from, customers of acquired businesses; financial and regulatory risks associated with the international nature of the Company's businesses; failure of the Company's products to achieve technological feasibility or profitability; failure to successfully commercialize the Company's products; changes in demand for the products of the Company's customers; limited opportunities to license technologies and sell products due to high concentration in the markets for semiconductors and related products and camera modules; the impact of competing technologies on the demand for the Company's technologies and products; and the reliance on a limited number of suppliers for the components used in the manufacture of DOC products. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. The Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2013, and its Quarterly Report on Form 10-Q for the quarter ended Mar. 31, 2014, include more information about factors that could affect the Company's financial results. The Company assumes no obligation to update information contained in this press release. Although this release may remain available on the Company's website or elsewhere, its continued availability does not indicate that the Company is reaffirming or confirming any of the information contained herein.
About Tessera Technologies, Inc.
Tessera Technologies, Inc. and its subsidiaries generate revenue from licensing to manufacturers and other implementers that use the Company’s technology in areas such as mobile computing and communications, memory and data storage, and 3-D Integrated Circuit technologies. For more information call 1.408.321.6000 or visit www.tessera.com.
Tessera, the Tessera logo, DOC, the DOC logo, and Invensas Corporation are trademarks or registered trademarks of affiliated companies of Tessera Technologies, Inc. in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.
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