Jury Awards Comarco Net $9.7 Million Verdict
LAKE FOREST, Calif., Feb. 5, 2014 /PRNewswire/ — Comarco, Inc. (OTC:CMRO.PK) (“the Company”) announced that on February 4, 2014, the jury returned a verdict in favor of the Company in its previously reported litigation with Chicony Power Technology, Co. Ltd (“Chicony”) and awarded the Company damages of approximately $10.8 million, offset by previously accrued liabilities of $1.1 million for a net award to Comarco of approximately $9.7 million.
Because the award is subject to entry of final judgment and may be appealed, we will not recognize the award in our financial statements until the award is realized per applicable accounting standards. If and once realized, a portion of our award may be payable to our attorneys pursuant to an alternative professional fee arrangement. In addition, we may be entitled to reimbursement of attorney’s and other fees pending final judgment. Together, these matters may increase or decrease the net financial impact of this verdict on the Company.
If and once realized, we anticipate that the award will be used to reduce our accumulated deficit and provide us with a cash infusion. We continue to explore opportunities to expand, protect, and monetize our patent portfolio, and we look forward to the possibility of using a portion of the award to expand and accelerate these efforts.
“We are very pleased with the verdict,” said Tom Lanni, the Company’s President and CEO. “This verdict is the result of the hard work of many and represents an important milestone in our strategy to create value for shareholders from the Company’s key assets. We look forward to pursuing further efforts to monetize the Company’s assets, including its intellectual property, in order to maximize the return for our shareholders.”
Forward-Looking Statement Disclaimer
This press release contains statements relating to our future plans, strategies and developments that are based on our current beliefs and assumptions. These statements constitute “forward-looking statements” within the meaning of federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “could,” “may,” “should,” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this release. Additionally, statements concerning future matters are forward-looking statements.
Although forward-looking statements in this release reflect the good faith judgment of our management, such statements are only based on facts and factors known by us as of the date of this release. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed in the section entitled “Risk Factors” in our Annual Report on Form 10-K of the fiscal year ended January 31, 2013, and in our other filings with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, whether as a result of new information, future events or otherwise, except as required by law.
Based in Lake Forest, Calif., Comarco develops technologies and products for the charging of portable battery powered devices. Our products are aimed at the mobile user and charge a multitude of devices ranging from laptop computers, tablets, mobile phones, smart phones as well as many other devices. Our extensive portfolio of 48 U.S. patents and a number of foreign patents is the result of years of research and development programs to provide charging solutions for portable electronic devices to original equipment manufacturers and retail outlets. Comarco continues to develop new technologies and expand its patent portfolio, and has commenced efforts to enhance shareholder value through the monetization of this significant corporate asset. The Company’s Web sites can be found at www.comarco.com and www.chargesource.com.
SOURCE Comarco, Inc.