CAPE TOWN, South Africa, Feb. 13, 2013 /PRNewswire/ -- Leatt Corporation (OTCQB: LEAT), a global developer, marketer and distributor of personal protective equipment for all forms of sports, including extreme motor sports, and whose products include the flagship Leatt-Brace®, a neck brace system designed to help prevent potentially devastating injuries to the cervical spine (neck) for helmeted sports, announced today that the Company has settled a patent dispute with Moveo Safety S.L. ("Moveo") and have agreed to the terms of a patent licensing agreement, to be effective as of January 1, 2013.
On November 16, 2011, the European Patent Office granted the Company a patent for its neck brace, which both Moveo and Alpinestars S.P.A. ("Alpinestars") opposed. While Alpinestars' opposition to the Company's patent is ongoing, on February 12, 2013, the Company, Moveo and Xceed Holdings CC, the owner of the Company's licensed patents, reached a settlement on the licensing of the Company's patent.
"We are pleased to announce that we have come to an amicable agreement without the necessity for further litigation in Europe or in any other jurisdiction," said Dr. Chris Leatt, Leatt Corp. Chairman and Head of its Research and Development Department, and Julio Abajo, Chairman of Moveo, in a joint statement.
Dr. Leatt added, "It took us quite a number of years to design and scientifically test the Leatt neck brace, which is protected by intellectual property rights around the world. We take the enforcement of our intellectual property rights seriously. The Leatt-Brace has been safety tested rigorously and rider safety is of paramount importance to Leatt."Mr. Abajo went on to say, "Proven protection for riders is first for Moveo. This has been the aim of the development of our products and is the orientation of our business."