Lighting Science Group Corporation (LSG) and Royal Philips Electronics have announced that they have settled all of their commercial and intellectual property disputes by way of a comprehensive agreement that revives their former commercial alliance. The agreement provides that trade in LED lighting products between the companies will be intensified, that LSG takes out a royalty bearing license to the Philips LED based Luminaires and Retrofit Bulbs licensing program, and that Philips will make a limited equity investment in LSG.
The commercial relationship involves mutual sourcing and supplying of LED components and products. (The details concerning the commercial arrangement and the patent license agreement are confidential.) The investment of $5 million USD is in the form of a convertible note that will convert to preferred shares upon LSG’s planned rights offering. The agreement also provides for mutual releases for all claims relative to the past, including all intellectual property and commercial claims and all the pending cases between the companies will be dismissed.
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