Replies to post #24260 on NeoMedia Technologies, Inc (NEOM)

[success622]

Awesome! Here's the full text:

Virgin Entertainment to License NeoMedia's PaperClick Technology
6/29/2005 7:00:06 AM


FT. MYERS, Fla., Jun 29, 2005 (BUSINESS WIRE) -- NeoMedia Technologies, Inc. (NEOM), an innovator in wireless services and patented technologies that provide automatic links to Internet-based information, said today that it has reached an out-of-court agreement and settlement with Virgin Entertainment Group, Inc., whom it sued for patent infringement in 2004, with Virgin agreeing to purchase a license to use NeoMedia's patented PaperClick(R) technology platform through 2016.

"Both companies have left the table happy and with what they wanted," said Chas W. Fritz, founder and chairman of NeoMedia. "NeoMedia has again seen its patent portfolio remain strong and protected, Virgin gains the right to move forward as a licensed user of that technology through the next decade in its music and movie retail stores, and the lawsuit will be withdrawn."

Specific terms of the settlement and agreement were not released.

"This is an amicable settlement reached by two companies known for innovation and technological advancements," said Mr. Fritz.

"Both NeoMedia and Virgin wanted to get about the business of doing our own business," he said. "Today's agreement makes that happen, as well as lays the groundwork for NeoMedia and Virgin to work together in the future under the PaperClick umbrella."

NeoMedia had brought suit against Virgin 18 months ago (see "Virgin Entertainment, Virgin Megastore Online and Virgin Megastore Are Charged with Patent Infringement by NeoMedia Technologies, Inc.," Business Wire, January 4, 2004), and three weeks later again gone to court to protect its intellectual properties (see "Patent Infringement Lawsuit Brought by NeoMedia Against AirClic Inc., Scanbuy, Inc., and LScan Technologies Inc.," Business Wire, January 26, 2004). Late last year, NeoMedia won a default judgment against LScan in the only other case which has ended.

'Looking to the Future Together'

Ravi Ahuja, chief financial officer for the Los Angeles-based Virgin Entertainment Group, Inc., said his company and NeoMedia are "looking to the future together.

"Collaboration is always preferable to confrontation," he said. "Virgin looks forward to working with NeoMedia and its PaperClick technology to communicate with our customers, wherever they are and whenever they want or need to do business with us."

NeoMedia's Fritz said that his company "is eager to work with Virgin to help launch its PaperClick words in the PaperClick WordRegistry(TM) to promote new Virgin stores and to wave the flag together."

About NeoMedia Technologies, Inc.

NeoMedia Technologies, Inc. (www.neom.com) is a developer and international marketer of software and patented technologies, including PaperClick (www.PaperClick.com) for Camera Phones(TM) and the PaperClick Mobile Go-Window, which link products, print and physical objects directly to targeted online data. NeoMedia also offers expertise in homeland security and e-authentication applications, and its Systems Integration Group specializes in providing expert-based IT consulting, hardware, and software solutions.

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.

PaperClick is a registered trademark, and PaperClick For Camera Phones, PaperClick Mobile Go-Window and PaperClick WordRegistry are trademarks of NeoMedia Technologies, Inc. Other trademarks are properties of their respective owners.