NeoMedia and Scanbuy Reach Settlement and License Agreement
Atlanta/New York, October 20, 2009 – Today NeoMedia Technologies, Inc. (OTC BB: NEOM), and Scanbuy, Inc., leaders in mobile barcode technology, announced they have settled all pending litigation between the companies and have granted non-exclusive patent licenses to each other.
NeoMedia and Scanbuy have agreed to terminate all pending litigation brought by NeoMedia against Scanbuy in 2004, and by Scanbuy and Marshall Feature Recognition, LLC (“MFR”) against NeoMedia in 2008.
In addition, NeoMedia has granted Scanbuy a royalty bearing, non-exclusive license to a portion of its patent portfolio in the U.S. In turn, Scanbuy has granted NeoMedia a fully paid, irrevocable, non-exclusive license of Scanbuy patents and a fully paid, non-exclusive sublicense to all of the patents licensed by MFR to Scanbuy within the U.S.
This agreement will enable consumer brands, advertising agencies and mobile operators to confidently engage with either company to implement mobile barcode solutions in the U.S. The technology has enormous potential to become a viable and widely adopted communication channel.
“The agreement between NeoMedia and Scanbuy removes the final roadblock to rapid commercialization of mobile barcodes in the US,” commented Iain McCready, Chief Executive Officer of NeoMedia. “We are literally dropping the green flag for brands, retailers and mobile operators to join the race towards mobile barcodes becoming a fixture in every consumer’s daily routine.”
”We are pleased that Scanbuy has reached a fair agreement with NeoMedia, and look forward to working with our partners to build a vibrant business in the United States,” said Jonathan Bulkeley, Chief Executive Officer of Scanbuy. “Both companies have invested a great deal in our intellectual property and we will continue to bring these solutions to leading marketers, wireless operators, and handset manufacturers around the world.”
This 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 release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
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