TIE Holding N.V. (“TIE”) and Channel Media Company (“CMC”) report that they have settled their dispute regarding the intellectual property rights on the Content Syndication software.
TIE has been involved in legal proceedings with CMC since November 20, 2009. On May 7, 2010, the judge pronounced a ruling in summary proceedings; dismissing TIE’s claim and ruling payment of the costs of litigation of CMC. TIE has lodged an appeal against the ruling, but due to the settlement, the appeal will be dropped.
During the course of the legal proceedings, parties have tried to settle their dispute. Parties have now agreed to relinquish the proceedings, and to explore the option of a commercial partnership. The total compensation to be paid to CMC amounts to € 112,5k of which € 70k has been paid, reported and expensed in 2010. Based on the settlement, TIE will pay additional litigation costs of CMC up to an amount of € 42,5k. This amount will be reported in our Q2_2011 results.
Profile TIE
TIE (NYSE Euronext: TIE Holding) delivers innovative web centric, software based solutions that enable all trading partners in the supply chain to work seamlessly together on the major E-commerce processes of marketing, sales and fulfillment. With its TIE Kinetix concept, it provides a Total Integrated E-commerce process, embracing three innovative platforms for Business Integration (including e-invoicing, XML/EDI data synchronization), Content Syndication and E-commerce. The Total Integrated E-commerce solutions minimize the energy needed for a transaction lifecycle throughout the supply chain giving organizations the advantage to reduce cost and maximize revenue and profit.
TIE has more than two decades of experience in developing and implementing E commerce standards. TIE is a listed company with offices in the United States, Australia, France and the Netherlands.
Further information:
TIE Holding N.V.
Jan Sundelin, CEO
Antareslaan 22-24
2132 JE Hoofddorp
The Netherlands
T: +31-20-658 93 33
F: +31-20-658 90 01
E:
info@TIEHolding.com
W:
www.TIEHolding.com