WILMINGTON, DELAWARE — (Marketwire) — 03/21/13 — TMM, Inc. (PINKSHEETS: TMMI) (“TMMI”) or (the “Company”) announces that TMMI and its subsidiary, Digital Focus, Inc. (“DFI”), have filed a lawsuit in the Eighth Judicial District Court, Clark County, Nevada, against Lawrence F. Panik; Dimension, Inc.; Digital Focus Media, Inc.; Bruce Hoyt; Jeffrey R. Phillips; Lyman P. Hurd; John Elton; and other parties to be later named, seeking the return of its intellectual property, declaratory and equitable relief jointly and severally against the named defendants, and damages, including punitive and exemplary damages.
The lawsuit concerns TMMI-s fractal video compression technology and defendants- misappropriation of that technology. In March 1993, TMMI paid for an exclusive, perpetual, non-transferrable world-wide license to fractal video compression source code (VDK 1.0-1.9) from Iterated Systems, Inc. (“ISI”). Such license was for ISI-s software based on ISI-s fractal video compression technology reflecting ISI-s more than two dozen issued patents involving the technology.
In March 2000, DFI and ISI entered into a license agreement by which DFI was granted an exclusive license to use and develop the PVS/SGI (VDK 2.0) source code. Such fully-paid license was exclusive to DFI in accordance with its terms. DFI was acquired by TMMI pursuant to a stock exchange transaction dated June 8, 2012.
The Complaint alleges that some of the defendants stole an early version of the fractal video compression technology from a protected computer in or about 2002. TMMI and DFI are seeking equitable relief against the named defendants to enjoin any further development and/or enhancement by any of them of the stolen source code and the return of the source code together with any derivatives and copies thereof.
The Causes of Action asserted against the named defendants include Conversion, Defamation of Title, Misappropriation of Trade Secrets, Intentional Interference with Contract, and Unfair Competition.
TMMI has successfully resolved litigation against other parties to protect and preserve its intellectual property rights, and will continue to aggressively prosecute its interests against any parties making adverse claims relating to TMMI-s license rights in its fractal video compression technology.
ON BEHALF OF THE BOARD OF DIRECTORS OF TMM, INC.:
GERARD V. CAVANAUGH, CHAIRMAN AND PRESIDENT
For more information, please visit the Company-s Website at .
Safe Harbor Statement
The information in this release contains forward-looking statements which involve risks and uncertainties, including statements regarding the Company-s capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as “may”, “should”, “will”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “forecast”, “project”, or “continue”, the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results. Any or all of the Company-s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions, risks and uncertainties and other factors which could cause actual events or results to be materially different from those expressed or implied in the forward-looking statements. Factors may cause the Company-s actual results to differ materially from any forward-looking statement. In addition, new factors emerge from time to time and it is not possible for the Company to predict all factors that may cause actual results to differ materially from those contained in any forward- looking statements. The Company disclaims any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this document, except as required by applicable law.
Contacts:
TMM, Inc.
118 School Road
Wilmington, DE 19803
1 800 821-9877
You must be logged in to post a comment Login