LQ Corporation Announces Settlement of Litigation
25 2월 2004 - 3:34AM
PR Newswire (US)
LQ Corporation Announces Settlement of Litigation LQ Corporation,
Inc. (OTC Bulletin Board: LQID), fka Liquid Audio, Inc., Announced
Today the Settlement of Litigation NEW YORK, Feb. 24
/PRNewswire-FirstCall/ -- On Friday, February 20, 2004 an Orderwas
entered in the United States District Court for the Western
District of Pennsylvania ending a lawsuit by SightSound, Inc. (the
"SightSound Litigation") against CDNow Online, Inc. ("CDNow"), a
former customer of LQ Corporation, Inc.'s ("LQ") predecessor,
Liquid Audio, Inc. and predecessor of BeMusic, Inc. ("BeMusic").
The SightSound Litigation alleged that CDNow infringed one of more
of three U.S. Patents. As a result of the entry of the Order and
pursuant to a separate agreement between SightSound and BeMusic
executed on February 12, 2004, SightSound dismissed the SightSound
Litigation and released all claims against LQ. Entry of the Order
also made effective a settlement Agreement and Mutual Release
executed on February 13, 2004 by LQ and BeMusic (the "settlement
Agreement"). The Settlement Agreement finally resolves a claim by
BeMusic seeking indemnification from LQ relating to the SightSound
Litigation and terminates an agreement entered by LQ and BeMusic on
January 24, 2003 which required LQ to maintain $2.0 Million in
available cash on hand to pay up to 50% of reasonable attorney fees
and costs in connection with the defense of the SightSound
Litigation and $5.0 million in available cash on hand to apply
towards the satisfaction ofany adverse judgment in respect of which
of it was determined that LQ would be obligated to indemnify
BeMusic. Under the terms of the Settlement Agreement, LQ paid
$1,452,000 to BeMusic and approximately $314,000 in legal fees
relating to the SightSound Litigation. These payments were in
addition to $335,827 previously paid by LQ pursuant to the January
24, 2003 agreement in consideration of attorney fees relating to
the SightSound Litigation. As a result of the Settlement Agreement,
LQ has no further obligation to maintain available cash on hand in
connection with the January 24, 2003 agreement or the SightSound
Litigation. Neither party to the Settlement Agreement admitted any
wrongdoing or any indemnification obligation in connection with
SightSound Litigation. Cautionary Language Statements made in this
release, other than those concerning historical information, should
be considered forward-looking and subject to various risks and
uncertainties. Such forward looking statements are made based on
management's belief as well as assumptions made by, and information
currently available to, management pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Liquid Audio, Inc.'s actual results may differ materially from the
results anticipated in these forward- looking statements as result
of variety of factors, including those identified in Liquid Audio
Inc.'s annual report on Form 10-K and its quarterly reports on Form
10-Q filed with the Securities and Exchange Commission. DATASOURCE:
LQ Corporation, Inc. CONTACT: Melvyn Brunt of LQ Corporation, Inc.,
+1-212-974-5730
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