Asetek – Receives Settlement of $1.4M after Patent Infringement Lawsuit
October 20, 2015 — Asetek® announces that it has received a settlement payment of approximately $1.4 million, which is the final payment due under the nearly $1.9 million settlement with CoolIT Systems, Inc.
On June 15, 2015, Asetek announced that its patent infringement lawsuit against CoolIT Systems was concluded when the United States District Court for the Northern California on June 12, 2015 determined that CoolIT Systems must pay damages to Asetek in the amount of approximately $1.9 million. The ruling was not appealable by either party and Asetek announced that it expected to receive full payment within 180 days from the date of the Court’s ruling. Asetek received an initial payment of $0.5 million from CoolIT Systems in July 2015 and with the balance of the settlement now received, the matter is closed. The $1.4 million will be recorded in the fourth quarter 2015 financial statements.
“As part of Asetek’s efforts to build and maintain market share, we have consistently defended our portfolio of intellectual property,” said André Sloth Eriksen, Founder and CEO of Asetek. “We are pleased that our investments and efforts yield results. Both in the form of damages amounts, but more importantly in the form of increased revenues moving forward”.
Asetek holds a substantial portfolio of intellectual property rights and patents and the company continues to closely review and assess competitive offerings for infringement of its patents.
About Asetek
Asetek is the world leading provider of energy efficient liquid cooling systems for data centers, servers, workstations, gaming and high performance PCs. Its products are used for reducing power and greenhouse emissions, lowering acoustic noise, and achieving maximum performance by leading OEMs and channel partners around the globe.
Asetek’s products are based upon its patented all-in-one liquid cooling technology with more than 2 million liquid cooling units deployed in the field. Founded in 2000, Asetek is headquartered in Denmark with offices in California, China and Taiwan. For more information, visit http://www.asetek.com
For further information, please contact:
André S. Eriksen, Chief Executive Officer
Mobile: +45 2125 7076, e-mail: ceo@asetek.com