Cybex International Inc. in Medway announced that the company has finalized two litigation matters, and forecasts a pre-tax charge of less than $200,000 to its litigation reserves.
Cybex settled the Free Motion patent litigation dispute, resulting in the dismissal of litigation with prejudice pursuant to a settlement between the parties. Cybex will receive a license of Free Motion patents and is paying an upfront license fee. Cybex also released that the amount of the judgement in the Kirila matter has been determined by the court and fully satisfied by the Company.
The pre-tax charge will be recognized in the quarter ended December 31, 2006.
Cybex Intl. Inc. manufactures exercise equipment for commercial and consumer use.
