SAN DIEGO and SEOUL, South Korea, April 20, 2016 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) and LG Electronics, Inc. (LGE) today announced that the companies have resolved through good faith negotiations an arbitration dispute over certain terms in their license agreement under Qualcomm's leading portfolio of patents covering 3G WCDMA and CDMA2000 and 4G LTE wireless technologies as well as numerous other technologies implemented in wireless devices. Under this resolution, LGE will continue to benefit from access to Qualcomm's broad portfolio of patented technologies that enable LGE to deliver innovative devices to its customers globally.
"We are pleased to have resolved our dispute with Qualcomm through good faith negotiation and mutual respect," said Skott Ahn, Ph.D. President and CTO of LG Electronics, Inc. "LGE and Qualcomm have worked closely together for many years and we greatly value our partnership with Qualcomm, which has played a central role in the mobile revolution and brought unprecedented value to the industry, as well as to consumers. As the owner of a significant portfolio of patented technologies, LGE, like Qualcomm, recognizes the importance of patent rights and standardized technologies, which we believe have fostered a highly competitive industry and steady increase in the value delivered to consumers, in Korea and globally."
"Qualcomm invests billions of dollars every year in R&D that has driven fundamental breakthroughs in wireless systems technology across multiple generations – including 2G, 3G, 4G and now 5G –and we are pleased that the licensing of these advanced technologies have helped to drive enormous value across the entire mobile ecosystem," said Derek Aberle, president of Qualcomm Incorporated. "We have been a longstanding and close partner of LGE, as well as with the entire Korean wireless ecosystem, and we are pleased that this resolution will position both companies to continue to deliver value to our customers and consumers globally."
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing 83,000 people working in 119 locations around the world. LG Electronics is the world's leading contributor in 4G technology standard LTE (Long Term Evolution). With 2015 global sales of USD 48.8 billion (KRW 56.5 trillion), LG comprises four business units ― Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components ― and is one of the world's leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. LG Electronics is a 2015 ENERGY STAR Partner of the Year. For more news and information on LG Electronics, please visit www.LGnewsroom.com < http://www.lgnewsroom.com/ >.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 30 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.
Tina Asmar, Corporate Communications
Warren Kneeshaw, Investor Relations
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SOURCE Qualcomm Incorporated