A wild overreaction, IMO. I added to my position. Haven't seen anything this dramatic in a while (in re: how the stock crashed on news that doesn't seem very major):
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 21, 2003--
Genesis Patent Found to be Valid and Enforceable; Infringement Investigation of Three Other Genesis Patents Still Pending
Genesis Microchip Inc. (Nasdaq:GNSS), a world leader in the development of image processing technologies for consumer and PC-display products, today announced that an Administrative Law Judge presiding over the patent infringement case against Media Reality Technologies, Inc. (MRT) and Trumpion Microelectronics, Inc. in the U.S. International Trade Commission (ITC) issued an initial determination that MRT and Trumpion do not infringe one of Genesis Microchip's patents. This initial determination does not address three other patents being asserted against MRT, Trumpion and Mstar Semiconductor, Inc. This initial determination is not the ITC's final decision, and Genesis may petition the ITC to overrule the Administrative Law Judge.
"Although the initial determination did not find that MRT and Trumpion infringe this particular patent, we are pleased the ITC found the patent itself valid and enforceable," said Eric Erdman, interim chief executive officer of Genesis Microchip. "We also note that the ITC is continuing its investigation of three other patent infringement claims against MRT, Trumpion and Mstar."
Genesis Microchip is seeking an exclusion order from the ITC which would prevent the importation of Mstar's MST 9010 series products, MRT's Mascot series products and Trumpion's ZURAC and Zipro series into the United States, and monitors and boards containing these products. The ITC's investigation of Mstar, MRT and Trumpion's infringement of Genesis patents continues and trial is scheduled for January 2004.
About Genesis Microchip
Genesis Microchip Inc. (Nasdaq:GNSS - News) is a leading provider of image processing systems enabling superior picture quality for a variety of consumer and PC-display products. Featuring Genesis Display Perfection(TM) technologies and Emmy-award winning Faroudja(R) video technology, Genesis system-on-a-chip solutions are used worldwide by display manufacturers to produce visibly better images across a broad set of devices including flat-panel displays, digital TVs, digital CRTs, projectors and DVD players/recorders. The Genesis technology portfolio features analog and mixed signal System-on-a-chip design, DCDi(R) by Faroudja deinterlacing, TrueLife(TM) video enhancement and IntelliComb(TM) video decoding and includes over 135 patents. Founded in 1987, Genesis supports its leading brand-name customers with offices in the U.S., Canada, India, Taiwan, Korea, China and Japan.
For more information about Genesis Microchip Inc. or Genesis Display Perfection(TM) technologies, please visit www.genesis-microchip.com.
Note to Editors: Genesis Display Perfection, Faroudja, DCDi by Faroudja, TrueLife and IntelliComb are trademarks or registered trademarks of Genesis Microchip Inc. All other trademarks are the property of their respective owners.
Safe Harbor Statement
This press release contains forward-looking statements, including, without limitation, forward-looking statements regarding the ITC's determination, the ITC's continued investigation, and trial dates. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including filings that the parties may make in the litigation and the ITC's determination regarding those filings, the ITC's review of the initial determination and any other review process, and other events or delays that may occur in the litigation. Other risk factors are listed in the company's SEC reports, including but not limited to Genesis's report on Form 10-K/A for the fiscal year ended March 31, 2003 and Genesis's quarterly report on Form 10-Q for the quarter ended June 30, 2003.
Any statements by persons outside the company speculating on the subject matter of this press release, or any other aspects of the company's business, will not be based on internal company information and should be assessed accordingly by investors.
CONTACT: Nagle & Ferri Frank Nagle or Bob Ferri, 415-575-1999
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