MIPS and POC have agreed on a settlement with respect to their ongoing legal proceedings related to POC’s launch of its patent-pending SPIN technology. POC Launched SPIN in January 2017, the technology is integrated into snow and bike helmets to reduce the effects of rotational forces. MIPS was granted an injunction in German court in November 2017, to which POC filed its opposition in March 2018.
On November 15, 2017 MIPS AB (”MIPS”) disclosed that the company had been granted a preliminary injunction in Germany in order to prevent an infringement by POC Sweden AB (”POC”) of one of MIPS’ patents. Following POC’s opposition the preliminary injunction was withdrawn on 16th March and POC filed a counter claim against MIPS.
MIPS and POC have today agreed on a settlement with respect to the ongoing legal proceedings. The settlement agreement does not include any obligation for any party to reimburse the other party for the costs incurred in relation to the legal proceedings. The companies intend to jointly develop safer helmets combining POC and MIPS’ strengths in technological innovation, style and quality. The cooperation is estimated to have a limited impact on the 2018 net sales of MIPS.