Proxim, Symbol Technologies Reach Settlement and Cross-Licensing Agreement

Proxim Corp. on Tuesday announced reaching a settlement and cross-licensing agreement with Symbol Technologies Inc., resolving litigation between the two companies.

The agreement calls for Proxim to pay Symbol $22.75 million over the next 2 ½ years, plus a 2 percent royalty on future sales of certain wireless LAN products.

The two companies have cross-licensed certain patents, and Proxim has assigned certain intellectual property to Symbol.

Proxim and Symbol also have entered a mutual covenant not to sue one another for patent infringement. The covenant covers networking products through September 2009, according to Proxim.

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