TEL AVIV, Israel (Business Wire) -- Elron Electronic Industries Ltd. (NASDAQ:ELRN) (TASE:ELRN), today announced that Given Imaging Ltd. (NASDAQ:GIVN) (TASE:GIVN), 18.3% held by Elron and 9.1% held through Elron's 50.1% subsidiary, RDC, today announced that it has signed a term sheet with Olympus Corporation outlining a settlement of the patent litigation between the two companies in the United States.
Given Imaging announced that the term sheet includes certain worldwide royalty-free cross-licenses for their respective existing capsule endoscopy products and a release of all past causes of action.
Given Imaging stated that the settlement will become final upon the signing of a formal written agreement, and have asked the Court to stay all activity in the pending litigation.
Elron Electronic Industries Ltd. (NASDAQ:ELRN) (TASE:ELRN), a member of the IDB Holding group, is a leading Israel-based technology holding company directly involved in the long-term performance of its group companies. Elron identifies potential technologies, creates strategic partnerships, secures financing, and recruits highly qualified management teams. Elron's group companies currently comprise a diverse range of publicly-traded and privately held companies primarily in the fields of medical devices, information & communications technology, clean technology and semiconductors. For further information, please visit www.elron.com
(Any statements in this press release that may be considered forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission, which the Company urges investors to consider)
Elron Electronic Industries Ltd.
Rinat Remler, Vice President & CFO
Tel. 972-3-6075555
elron@elron.net
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