For Immediate Release For Further Information Contact:
Xxxxx Xxxxx (000) 000-0000
Xxxxx_x_xxxxx@xxxxx.xxxxxxx.xxx
Xxxxx Xxxxxx (000) 000-0000
Xxxxx_xxxxxx@xxxxx.xxxxxxx.xxx
SEAGATE AND RODIME ENTER INTO SETTLEMENT AGREEMENT
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SCOTTS VALLEY, CA -- January 26, 2000 - Seagate Technology, Inc. (NYSE:SEG)
today announced that the Company has agreed to settle with Rodime PLC regarding
a patent infringement complaint relating to certain discontinued 3.5-inch drives
filed by Xxxxxx against Seagate on November 18, 1992. Pursuant to the
agreement, Seagate shall be released from all patent and tort claims in exchange
for a payment of $45 million.
Xxxxxxx Xxxxx, Xxxxxxx's president and CEO, stated "We maintain the position
that Seagate had meritorious defenses to Xxxxxx's claim. However, given the
uncertainty associated with leaving such a technically complex matter in the
hands of a jury with no expertise in disc drive technology, Seagate has
compromised this claim to mitigate this uncertainty."
A charge associated with this settlement will be reflected in Seagate's Form 10-
Q for the quarter ended December 31, 1999.
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Seagate Technology, Inc. (NYSE:SEG) is a leading provider of technology and
products enabling people to store, access, and manage information. The Company
is committed to providing best-in-class products to help people get information
when, where and how they want it. Seagate is the world's largest manufacturer of
disc drives, magnetic discs and read-write heads, an innovator in tape drives,
and a leading developer of Business Intelligence software. Seagate can be found
around the globe and at xxxx://xxx.xxxxxxx.xxx. For automated news, stock and
financial information by phone, dial toll-free 877-SEG-NYSE. Outside the U.S.
and Canada, dial 000-000-0000.
