Beaverton, Ore. — June 2, 2011 — Digimarc Corporation (NASDAQ:DMRC) announced that earlier today the United States District Court for the District of Delaware granted a motion by Digimarc to dismiss the Declaratory Judgment action filed by Verance Corporation against Digimarc last September. For further details, see the Delaware District Court's Memorandum and Order, dated May 26, 2011, posted on Digimarc's website at www.digimarc.com/media
On December 6, 2010, Digimarc filed a breach of contract action against Verance in the United States District Court in Oregon. Digimarc alleges that Verance breached the license agreement by failing to make payments under the license when due. Digimarc has filed a motion for partial summary judgment that is currently pending before the Oregon Court and Verance has filed an Answer to Digimarc's Complaint.
Digimarc Corporation (NASDAQ:DMRC), based in Beaverton, Oregon, is a leading innovator and provider of enabling technologies that create digital identities for all forms of media and many everyday objects. The embedded digital IDs are imperceptible to humans, but not to computers, networks and devices like mobile phones, which can now use cameras and microphones as sensory inputs to "see, hear and understand" the world around them within the context of their environment. Digimarc has built an extensive intellectual property portfolio with patents in digital watermarking, content identification and management, media and object discovery to enable ubiquitous computing, and related technologies. Digimarc develops solutions, licenses its intellectual property, and provides development services to business partners across a range of industries. For more information, please visit www.digimarc.com.
With the exception of historical information contained in this release, the matters described in this release contain various "forward-looking statements." These forward-looking statements can be identified, in some cases, by terminology such as "will," "should," "expects," "estimates," "predicts" and "continue" or other derivations of these or other comparable terms. These forward-looking statements are statements of management's opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements in this release as a result of changes in economic, business and/or regulatory factors. More detailed information about risk factors that may affect actual results is set forth in the Company's Form 10-K for the year ended December 31, 2010 and in subsequent periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this release. Except as required by law, Digimarc undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.