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Joint Release
North Kingstown, Rhode Island and Lake
Mary, Florida, March 26, 2007 - ROMER, Inc. a Hexagon Metrology company,
and Faro Technologies, Inc. (NASDAQ: FARO) have announced today that they have
reached agreement to settle all outstanding disputes between them. Under the terms of the settlement, patent
suits pending in California and Florida, and a lawsuit
involving claims of false advertising will be dismissed. Terms of the agreement will not be disclosed,
and will be treated as “Company Confidential” material going forward by both
Hexagon and Faro.
The settlement also covers ROMER-affiliated companies CimCore
Corporation, Hexagon Metrology
AB and Hexagon Metrology, Inc.
Hexagon
Metrology’s Chief Executive Officer William Gruber said, “We are very pleased
that these lawsuits have now ended, so that we can again focus exclusively on
doing what we do best—making state of the art metrology products and competing
with each other in the marketplace and not in the courtroom.”
Faro’s Chief Executive Officer Jay Freeland
stated, “I couldn’t agree more. Faro too is glad to put these distractions
behind us and focus on our business.
Instead of spending money on litigation, we would rather direct these
funds toward customer support, research, and innovative new products.” Freeland added “In
the future, management for both companies have agreed to attempt to resolve our
differences before heading to a courtroom.”
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