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MagSil Corporation: MagSil Corporation and Seagate Technology Resolve Patent Infringement Lawsuit

^{Published on 2009-07-14 05:23:38, Last Modified on 2009-07-14 05:23:44 - Market Wire}
 

SANTA CLARA, CA--(Marketwire - July 14, 2009) - MagSil Corporation (MagSil) announced today that the litigation between MagSil and Massachusetts Institute of Technology (MIT), on the one hand, and Seagate Technology (NASDAQ: [ STX ]) and Maxtor Corporation, on the other hand, has been satisfactorily resolved by an out of court settlement, and the Seagate and Maxtor entities have received licenses to the patents at issue in the lawsuit.

The litigation, pending in a Federal court in Delaware, remains ongoing against several other defendants, including Hitachi Ltd. (NYSE: [ HIT ]), Samsung Electronics Co., Ltd. (KSE: [ 005930 ]), Western Digital Corporation (NYSE: [ WDC ]), Toshiba America, Inc. (a subsidiary of Toshiba Corporation), Headway Technologies, Inc. (a subsidiary of TDK Corp.), and ExcelStor Technology, Inc. In the litigation, the defendants were accused of infringing two patents owned by MIT and exclusively licensed to MagSil, by making and selling hard disk drives or hard disk drive components using Tunneling Magnetoresistive (TMR) technology.

"We are pleased with the settlement and we look forward to a favorable resolution of our claims against the remaining defendants," said Jay Kamdar, President & CEO of MagSil Corporation. "MagSil has developed breakthrough magnetic memory technology for the next generation of mobile consumer, computing and storage systems. Our intellectual property is important to our business and product commercialization."

MagSil and MIT are represented in the litigation by McKool Smith P.C. and by Morris, Nichols, Arsht & Tunnell LLP.

About MagSil Corporation

MagSil Corporation, headquartered in Santa Clara, California, has developed a pioneering Magnetoresistive Random Access Memory (MRAM) technology. MagSil's patented innovative Magnetic Recording (iMR) cell architecture combines the best of magnetic technology with mainstream semiconductor manufacturing processes, enabling the development of a disruptive technology for stand-alone and embedded MRAM products. MagSil's technology resolves the performance barriers currently experienced by system designers in legacy memory technologies. MagSil's MRAM solutions provide the needed combination of higher performance, lower power, non-volatility, and superior endurance to realize next generation digital products; from mobile wireless, solid state drives, and consumer entertainment solutions to imaging, automotive, energy management and security devices. MagSil's MRAM technology is silicon-proven, highly scalable, and manufacturing friendly yielding the most reliable, high density, ultra low-power, and cost-effective memory solutions. More information is available on MagSil's website at [ http://www.magsil.com ].

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