LOUDON, TN--(Marketwired - May 02, 2017) - Malibu Boats, LLC, the leading innovator and pioneer of modern wakesurfing technology, including the standard-setting Surf Gate system, today announced that it has settled the patent infringement cases brought by Malibu Boats against MasterCraft Boat Company, LLC before the U.S. District Court for the Eastern District of Tennessee. Under the terms of the settlement, MasterCraft will make a one-time payment to Malibu Boats and will enter into a license agreement for the payment of future royalties for boats sold by MasterCraft using the licensed technology.
"We are pleased to conclude the litigation between our two industry leading companies," said Jack Springer, Chief Executive Officer of Malibu. "While both companies were steadfast in their position, we are satisfied that we have reached a reasonable outcome. This is a positive development for us and allows Malibu to focus on continuing growth and improvement." Mr. Springer continued, "As we continue to innovate and to build our valuable patent portfolio, we will continue to be aggressively focused on ensuring that industry participants recognize the value of our innovation and subsequent patents."
About Malibu Boats, Inc.
Malibu Boats is a leading designer, manufacturer and marketer of performance sport boats, with the #1 market share position in the United States since 2010. The Company has two brands of performance sport boats, Malibu and Axis Wake Research (Axis). Since inception in 1982, the Company has been a consistent innovator in the powerboat industry, designing products that appeal to an expanding range of recreational boaters and water sports enthusiasts whose passion for boating and water sports is a key aspect of their lifestyle.
Forward Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as "believes," "anticipates," "expects," "intends," "estimates," "may," "will," "should," "continue" and similar expressions, comparable terminology or the negative thereof, and includes, among others, the statement regarding the payment of the one-time amount and future royalties by Mastercraft.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: general industry, economic and business conditions, demand for our products, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our large fixed cost base, the successful introduction of our new products, and other factors affecting us detailed from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Investor Contacts Malibu Boats, Inc. Wayne Wilson Chief Financial Officer (865) 458-5478 Zac Lemons Investor Relations (865) 458-5478 InvestorRelations@MalibuBoats.com
