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Tessera And ChipMOS Settle Litigation

Stocks in this article: TSRA

Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the "Company") today announced its Tessera, Inc. subsidiary has reached a settlement with ChipMOS Technologies Inc. and ChipMOS U.S.A., Inc. (collectively, "ChipMOS"). In exchange for being released from the litigation, ChipMOS will make a payment to Tessera, Inc.

"We are pleased to have reached this agreement with ChipMOS to end our pending litigation," said Jim MacDonald, executive vice president, intellectual property and business development, Tessera Intellectual Property Corp. "Tessera, Inc.’s innovations and intellectual property have been used in many semiconductor applications over the years. This settlement reflects our continuing commitment to protecting, and receiving fair value for, the use of our innovations, as well as our related intellectual property."

The companies have not disclosed the full terms and conditions of the settlement agreement. Tessera, Inc. agreed to dismiss its claims against ChipMOS relating to Tessera, Inc.'s patent infringement action pending in the United States District Court, Northern District of California. The Company is making no adjustment to its fourth quarter of 2013 financial guidance given on Nov. 6, 2013.

Safe Harbor Statement

This document contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected, particularly with respect to the Company's guidance, the settlement agreement and payment from ChipMOS. Material factors that may cause results to differ from the statements made include the plans or operations relating to the Company's businesses; market or industry conditions; changes in patent laws, regulation or enforcement, or other factors that might affect the Company's ability to protect or realize the value of its intellectual property; the expiration of license agreements and the cessation of related royalty income; the failure, inability or refusal of licensees to pay royalties; initiation, delays, setbacks or losses relating to the Company's intellectual property or intellectual property litigations, or invalidation or limitation of key patents; the timing and results, which are not predictable and may vary in any individual proceeding, of any ICC ruling or award, including in the Amkor arbitration; fluctuations in operating results due to the timing of new license agreements and royalties, or due to legal costs; the risk of a decline in demand for semiconductor and camera module products; failure by the industry to use technologies covered by the Company's patents; the expiration of the Company's patents; the Company's ability to successfully complete and integrate acquisitions of businesses; the risk of loss of, or decreases in production orders from, customers of acquired businesses; financial and regulatory risks associated with the international nature of the Company's businesses; failure of the Company's products to achieve technological feasibility or profitability; failure to successfully commercialize the Company's products; changes in demand for the products of the Company's customers; limited opportunities to license technologies and sell products due to high concentration in the markets for semiconductors and related products and camera modules; the impact of competing technologies on the demand for the Company's technologies and products; and the reliance on a limited number of suppliers for the components used in the manufacture of DOC products. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. The Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2012, and its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2013, include more information about factors that could affect the Company's financial results. The Company assumes no obligation to update information contained in this press release. Although this release may remain available on the Company's website or elsewhere, its continued availability does not indicate that the Company is reaffirming or confirming any of the information contained herein.

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