LAGUNA NIGUEL, Calif., April 1, 2016 /PRNewswire/ -- Comarco, Inc. (OTC: CMRO) today announced that it has reached an agreement with Targus International LLC ("Targus") and FT 1, Inc. (formally Targus Group International, Inc.), settling a dispute that was scheduled for arbitration next month. Under the terms of the agreement, Comarco has granted Targus a license to use the company's patented technology relating to power adapters for charging and powering portable electronic devices in exchange for a cash payment and future royalties in certain circumstances.
"We are pleased to have reached this agreement with Targus which further validates our patents and proprietary technology," said Tom Lanni, Comarco's President and Chief Executive Officer. "This is our third successful completion of litigation in the last two years related to our efforts to enforce the company's patents and proprietary technology," Mr. Lanni continued. Comarco successfully concluded two separate litigations involving its patents or proprietary technology in 2014. "We continue to press our patent infringement claims against Apple and Best Buy, and will continue our efforts to secure license agreements that respect and validate the significant patent portfolio that Comarco built by investing years of time and money on research and development. In the meantime, we continue to invest in building our intellectual property and expanding our patent portfolio."
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Based in Laguna Niguel, Calif., Comarco develops technologies and products for the charging of portable battery powered devices. Our products are aimed at the mobile user and charge a multitude of devices ranging from laptop computers, tablets, mobile phones, smart phones as well as many other devices. Our extensive portfolio of 49 U.S. patents and a number of foreign patents is the result of years of research and development programs to provide charging solutions for portable electronic devices to original equipment manufacturers and retail outlets. Comarco continues to expand its patent portfolio, and has commenced efforts to enhance shareholder value through the monetization of this significant corporate asset. The Company's Web site can be found at www.comarco.com
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SOURCE Comarco, Inc.