Leatt Corp. And Moveo Safety Agree On Patent Licensing
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."
About Leatt Corporation
Leatt Corporation develops personal protective equipment and ancillary products for all forms of sports, especially extreme motor sports. The Leatt-Brace® is an award-winning neck brace system considered the gold standard for neck protection for anyone wearing a crash helmet as a form of protection. It was designed for participants in extreme sports or riding motorcycles, bicycles, mountain bicycles, all-terrain vehicles, snowmobiles and other vehicles. For more information, visit: www.leatt-corp.com | www.leatt-brace.com
This press release may contain forward-looking statements regarding Leatt Corporation (the "Company") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the significance of the Company's settlement with Moveo and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "seeks," "should," "could," "intends," or "projects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Leatt Corporation