SOURCE: MagSil

 

SANTA CLARA, CA--(Marketwire - September 30, 2009) - MagSil Corporation (MagSil) announced today that the litigation between MagSil and Massachusetts Institute of Technology (MIT), on the one hand, and SAE Magnetics (H.K.) Ltd. and Headway Technologies, Inc. (subsidiaries of TDK Corp. (TSE: 6762)), on the other hand, has been satisfactorily resolved by an out of court settlement, and SAE Magnetics and Headway Technologies have received licenses to the patents at issue in the lawsuit.

The litigation, pending in a Federal District Court in Delaware, remains ongoing against several other defendants, including Hitachi Ltd. (NYSE: HIT), Western Digital Corporation (NYSE: WDC), and ExcelStor Technology, Inc., among others. In the litigation, the defendants were accused of infringing two patents owned by MIT and exclusively licensed to MagSil, by making and selling hard disk drives or hard disk drive components using Tunneling Magnetoresistive (TMR) technology.

"We are pleased with our settlements with TDK subsidiaries and Seagate Technologies and we look forward to a favorable resolution of our claims against the remaining defendants," said Jay Kamdar, President & CEO of MagSil Corporation. "MagSil has developed breakthrough magnetic memory technology for the next generation of mobile consumer, computing and storage systems. Our intellectual property is important to our business and product commercialization."

MagSil and MIT are represented in the litigation by McKool Smith P.C. and by Morris, Nichols, Arsht & Tunnell LLP.

About MagSil Corporation

MagSil Corporation, headquartered in Santa Clara, California, has developed a pioneering Magnetoresistive Random Access Memory (MRAM) technology. MagSil's patented innovative Magnetic Recording (iMR) cell architecture combines the best of magnetic technology with mainstream semiconductor manufacturing processes, enabling the development of disruptive technology for stand-alone and embedded MRAM products.

MagSil technology resolves the performance barriers brought to system designers by current memory technologies. It provides the needed combination of higher performance, lower power, non-volatility, and superior endurance to realize future advanced digital products; from mobile wireless, solid state drives, and consumer entertainment solutions to imaging, automotive, energy management and security devices. MagSil MRAM technology is silicon-proven, highly scalable, and manufacturing friendly yielding the most reliable, high density, ultra low-power, and cost-effective memory solutions. More information is available on MagSil's website at http://www.magsil.com.

Note: references to corporate, product or other names may be trademarks or registered trademarks of their respective owners.