Two weeks ago Nexxus stock traded at $0.11, now it is at $0.73.(10:10 EST) at $0.85 (11:10 EST)
CHARLOTTE, N.C., Sept. 25, 2012 /PRNewswire/ -- Nexxus Lighting, Inc. (NEXS), a market leading manufacturer of LED light bulbs and lighting systems, today announced a settlement agreement ending the pending patent litigation brought by Royal Philips Electronics (NYSE:PHG, AEX: PHI), a world leader in LED lighting technology.
In connection with the settlement and patent license agreement:
- Philips will grant Nexxus Lighting an ongoing, royalty-bearing license to the comprehensive portfolio of patented LED technologies and solutions offered under Philips' LED luminaire and retrofit bulb licensing program. The license allows Nexxus to continue the manufacture and sale of LED-based lighting products, including the Array® brand of LED replacement light bulbs.
- Nexxus will also pay Philips a one-time, lump-sum royalty fee to address past sales.
- Both parties will dismiss the lawsuit Philips initiated and presently pending in Massachusetts federal court.
"The opportunity for creating, developing and selling creative new LED lighting systems is expanding rapidly and we believe that combining access to the Philips portfolio of intellectual property with our own patented technology will give Nexxus Lighting a tremendous platform from which to penetrate the growing lighting market," stated Mike Bauer, President and CEO of Nexxus Lighting. "We are pleased we could come to mutually agreeable terms and can now refocus our business on the large growth opportunities we see for LED lighting."