TMM, Inc. (TMMI-PK) ("TMMI"
or (the "Company" announces that TMMI and its subsidiary, Digital Focus, Inc. ("DFI", have filed a lawsuit in the Eighth Judicial District Court, Clark County, Nevada, against Lawrence F. Panik; Dimension, Inc.; Digital Focus Media, Inc.; Bruce Hoyt; Jeffrey R. Phillips; Lyman P. Hurd; John Elton; and other parties to be later named, seeking the return of its intellectual property, declaratory and equitable relief jointly and severally against the named defendants, and damages, including punitive and exemplary damages.
The lawsuit concerns TMMI's fractal video compression technology and defendants' misappropriation of that technology. In March 1993, TMMI paid for an exclusive, perpetual, non-transferrable world-wide license to fractal video compression source code (VDK 1.0-1.9) from Iterated Systems, Inc. ("ISI". Such license was for ISI's software based on ISI's fractal video compression technology reflecting ISI's more than two dozen issued patents involving the technology.
In March 2000, DFI and ISI entered into a license agreement by which DFI was granted an exclusive license to use and develop the PVS/SGI (VDK 2.0) source code. Such fully-paid license was exclusive to DFI in accordance with its terms. DFI was acquired by TMMI pursuant to a stock exchange transaction dated June 8, 2012.The report goes on to say:The Complaint alleges that some of the defendants stole an early version of the fractal video compression technology from a protected computer in or about 2002 TMMI and DFI are seeking equitable relief against the named defendants to enjoin any further development and/or enhancement by any of them of the stolen source code and the return of the source code together with any derivatives and copies thereof.
The Causes of Action asserted against the named defendants include Conversion, Defamation of Title, Misappropriation of Trade Secrets, Intentional Interference with Contract, and Unfair Competition.
TMMI has successfully resolved litigation against other parties to protect and preserve its intellectual property rights, and will continue to aggressively prosecute its interests against any parties making adverse claims relating to TMMI's license rights in its fractal video compression technology.
ON BEHALF OF THE BOARD OF DIRECTORS OF TMM, INC.:
GERARD V. CAVANAUGH
CHAIRMAN AND PRESIDENT
For more information, please visit the Company’s Website at www.tmmi.us.
or (the "Company" announces that TMMI and its subsidiary, Digital Focus, Inc. ("DFI", have filed a lawsuit in the Eighth Judicial District Court, Clark County, Nevada, against Lawrence F. Panik; Dimension, Inc.; Digital Focus Media, Inc.; Bruce Hoyt; Jeffrey R. Phillips; Lyman P. Hurd; John Elton; and other parties to be later named, seeking the return of its intellectual property, declaratory and equitable relief jointly and severally against the named defendants, and damages, including punitive and exemplary damages. The lawsuit concerns TMMI's fractal video compression technology and defendants' misappropriation of that technology. In March 1993, TMMI paid for an exclusive, perpetual, non-transferrable world-wide license to fractal video compression source code (VDK 1.0-1.9) from Iterated Systems, Inc. ("ISI"
. Such license was for ISI's software based on ISI's fractal video compression technology reflecting ISI's more than two dozen issued patents involving the technology. In March 2000, DFI and ISI entered into a license agreement by which DFI was granted an exclusive license to use and develop the PVS/SGI (VDK 2.0) source code. Such fully-paid license was exclusive to DFI in accordance with its terms. DFI was acquired by TMMI pursuant to a stock exchange transaction dated June 8, 2012.The report goes on to say:The Complaint alleges that some of the defendants stole an early version of the fractal video compression technology from a protected computer in or about 2002 TMMI and DFI are seeking equitable relief against the named defendants to enjoin any further development and/or enhancement by any of them of the stolen source code and the return of the source code together with any derivatives and copies thereof.
The Causes of Action asserted against the named defendants include Conversion, Defamation of Title, Misappropriation of Trade Secrets, Intentional Interference with Contract, and Unfair Competition.
TMMI has successfully resolved litigation against other parties to protect and preserve its intellectual property rights, and will continue to aggressively prosecute its interests against any parties making adverse claims relating to TMMI's license rights in its fractal video compression technology.
ON BEHALF OF THE BOARD OF DIRECTORS OF TMM, INC.:
GERARD V. CAVANAUGH
CHAIRMAN AND PRESIDENT
For more information, please visit the Company’s Website at www.tmmi.us.
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