Joint Release
North Kingstown, Rhode Island and Lake Mary, Florida: 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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