EGERSUND, Norway and OLATHE, Kan., Feb. 7, 2018 /PRNewswire/ -- Navico, parent company to the Lowrance®, Simrad® and B&G® brands and Garmin International Inc., a unit of Garmin Ltd. (NASDAQ : GRMN ), announced today that they have ended a three-year-long legal dispute relating to sonar and auto guidance patents. The agreement includes a broad cross licensing of patents and other intellectual property, which will allow both companies to bring new innovations to the market faster and benefit all marine customers.
"Research and development of game-changing technologies like our DownScan Imaging is the lifeblood of our business and the marine electronics industry," said Leif Ottosson, CEO, Navico. "We are very pleased with this resolution, which includes guidelines for the future cross licensing of technologies for the benefit of both of our customers."
"This is an exciting time as new technology is bringing positive change to the marine market," said Cliff Pemble, President and CEO, Garmin. "This resolution allows us to focus all of our energy to bring even more innovation to our marine customers."
For more information on the Navico brands, please visit www.lowrance.com, www.simrad-yachting.com, pro.simrad-yachting.com and www.bandg.com, and to find out more about the Navico Group of companies, visit www.navico.com. For more information on Garmin, please visit www.garmin.com.
A privately held, international corporation, Navico is a leading marine electronics company, and is the parent company to leading marine electronics brands: Lowrance, Simrad and B&G. Navico has approximately 1,500 employees globally and distribution in more than 100 countries worldwide. www.navico.com.
About Garmin International Inc.
Garmin International Inc. is a subsidiary of Garmin Ltd. (Nasdaq : GRMN ). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2016, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.