April 27, 2007 — Cardiac Science Corp. announced Thursday it has reached a settlement in its long-standing patent litigation with Philips. Under the settlement agreement, all claims by each side have been dismissed, and each side has been granted rights to the respective defibrillation technology patents of the other side that were a part of the suit.
In addition, Cardiac Science has been granted a perpetual, royalty-free, worldwide license to certain other defibrillation patents of Philips not associated with the suit in exchange for a one-time payment of $1 million.
"We believe that settling this dispute and licensing the additional intellectual property will provide greater benefit than continuing to invest in the highly uncertain litigation process," said John R. Hinson, president and CEO of Cardiac Science.