Court Denies Proxim's Equitable Defenses in Patent Suit; Post Trial Motion Phase to Commence
July 29 2004 - 1:53AM
PR Newswire (US)
Court Denies Proxim's Equitable Defenses in Patent Suit; Post Trial
Motion Phase to Commence SUNNYVALE, Calif., July 29
/PRNewswire-FirstCall/ -- Proxim Corporation (NASDAQ:PROX) today
announced that the court has denied Proxim's equitable defenses in
Symbol Technologies, Inc.'s patent suit with Proxim before the U.S.
District Court for the District of Delaware. The court further
determined that the jury's award of a 6% royalty on Proxim's sales
of these products from 1995 through September 2003, plus
prejudgment interest, results in an award of damages to Symbol of
$25.9 million. Proxim is not enjoined from continued sales of these
products and the court denied Symbol's request that it impose a
court ordered royalty on future sale of these products by Proxim.
Proxim has fully accrued for the amount awarded in its financial
statements since the date of the initial jury award in September
2003. Accordingly, this decision will not result in any change to
its financial statements. Furthermore, Proxim does not anticipate
that it will incur any immediate financial obligation to Symbol as
a result of this decision, pending completion of all related
proceedings, including post trial motions on this matter. Proxim
intends to vigorously defend itself in this litigation and to
consider all available options after the conclusion of all matters
before the court. About Proxim Proxim Corporation is a global
leader in wireless networking equipment for Wi-Fi and broadband
wireless networks. The company is providing its enterprise and
service provider customers with wireless solutions for the mobile
enterprise, security and surveillance, last mile access, voice and
data backhaul, public hot spots, and metropolitan area networks.
This press release and more information about Proxim can be found
on the Web at http://www.proxim.com/. Safe Harbor This press
release includes forward-looking information and statements that
are subject to risks and uncertainties that could cause actual
results to differ materially from those stated in the
forward-looking statements. Forward-looking statements include, but
are not limited to, Proxim's current estimates of potential royalty
payments in connection with sales of its products and the outcome
of any proceedings before the court, as well as any appeal. The
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected, including the possibility that any required royalty
payments exceed current estimates, the potential that the court
could enjoin Proxim's future sale of the products; Proxim's ability
to make any required royalty payments and Proxim's ability to
maintain its current debt and credit facilities, as well as obtain
access to additional capital, if required, from these or other
sources. For additional information regarding risks relating to
Proxim's business, see Proxim Corporation's Form 10-K for the year
ended December 31, 2003, Form 10-Q for the quarter ended April 2,
2004, and Current Reports on Form 8-K and other relevant materials
filed by Proxim with the SEC. DATASOURCE: Proxim Corporation
CONTACT: Ben Gibson, Vice President, Corporate Marketing, or
Michael Angel, Chief Financial Officer of Proxim Corporation,
+1-408-542-5200 Web site: http://www.proxim.com/
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