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 Immersion Settles with Microsoft for Cash, Stake
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Posted 2003-07-28, 07:00 PM
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SEATTLE (Reuters) - Immersion Corp. (Nasdaq:IMMR - news), a maker of technology that lets users interact with computers through the sense of touch, said on Monday it had settled a lawsuit with Microsoft Corp., (Nasdaq:MSFT - news) which agreed to pay the company $26 million in licensing fees.
Microsoft, the world's largest software maker, will also make an equity investment in San Jose, California-based Immersion, the company said in a statement.
Immersion also released financial results for the second quarter on Monday that showed a net loss of $4.4 million, or 22 cents per share, on revenue of $4.1 million.
Immersion said the agreements "grant Microsoft licensing rights for Immersion's patent portfolio, which is primarily directed to haptic technologies (the sense of touch)."
Immersion said that Microsoft would pay it $26 million for licensing rights, make an equity investment and also lend the smaller technology company up to $9 million in convertible debt.
-quikspy67 =P
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