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Peregrine Semiconductor And RF Micro Devices Settle All Outstanding Litigation

Stocks in this article: RFMD

SAN DIEGO and GREENSBORO, N.C., July 22, 2014 (GLOBE NEWSWIRE) -- Peregrine Semiconductor Corporation (Nasdaq:PSMI), founder of RF SOI (silicon on insulator) and pioneer of advanced RF solutions, and RF Micro Devices, Inc. (Nasdaq:RFMD), a global leader in the design and manufacture of high-performance radio frequency solutions, today announced that they have settled all outstanding claims between the companies. The two parties have entered into patent cross licenses and have agreed to dismiss all related litigation. Specific financial terms of the agreement remain confidential.

"We are pleased that we have reached agreement with RF Micro Devices and resolved all of our outstanding litigation under terms that recognize Peregrine's unique role in the invention and commercialization of RF SOI technology," said Jim Cable, CEO of Peregrine Semiconductor. "This agreement provides validation for the many ways in which Peregrine continues to expand the industry's technological frontiers through both our inventions and commercial products. We look forward to continuing to solve our customers' and partners' toughest RF challenges."

Bob Bruggeworth, president and CEO of RFMD, said, "We are very pleased to reach an agreement with Peregrine that recognizes the value of their patents and their contribution to the development of RF SOI. The signing of this patent cross-license agreement allows RFMD to focus 100% on building the industry's leading portfolio of RF solutions, making this agreement very positive for both our Company and our customers."

About Peregrine Semiconductor Peregrine Semiconductor (Nasdaq:PSMI), founder of RF SOI (silicon on insulator), is a leading fabless provider of high-performance, integrated RF solutions. Since 1988 Peregrine and its founding team have been perfecting UltraCMOS® technology - a patented, advanced form of SOI - to deliver the performance edge needed to solve the RF market's biggest challenges, such as linearity. With products that deliver best-in-class performance and monolithic integration, Peregrine is the trusted choice for market leaders in automotive, broadband, industrial, Internet of Things, military, mobile devices, smartphones, space, test-and-measurement equipment and wireless infrastructure. Peregrine holds more than 180 filed and pending patents and has shipped over 2 billion UltraCMOS units. For more information, visit  http://www.psemi.com.

USE OF FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regarding our management's future expectations, beliefs, intentions, goals, strategies, plans and prospects. Such statements constitute "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize, or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, our dependence on a limited number of customers for a substantial portion of our revenues; intellectual property risks; intense competition in our industry; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products; consumer acceptance of our customers' products that incorporate our solutions; our lack of long-term supply contracts and dependence on limited sources of supply; and potential decreases in average selling prices for our products.

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