Comarco Inc. made an announcement saying it finally made an official settlement to end the previously mentioned lawsuit with Chicony Power Technology, Co. Ltd. The deal requires Chicony to make payments to Comarco for an overall sum of $7.6 million. The monetary settlement is said to come in separate installments: at $4.0 million and at $3.6 million.
Comarco mentioned it got its initial installment on May 16, 2014, based on the settlement. The next installment is said to be made on June 2nd this year. The settlement won’t be effective until Comarco receives the final payment
The agreement offers Comarco capital infusion needed to capitalize once again its balance sheet and pushing the firm to move forward to its current intellectual property cause.
As mentioned, Comarco began a lawsuit alleging patent infringement and breach of contract against Targus. Comarco offered a notice to other firms claiming infringement on parts of the company’s patent portfolio, which cover multiple mobile solutions.
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