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| Exchange Disseminated Time | OnMobile Global Ltd has informed BSE that :
"OnMobile Global Ltd has settled a litigation with Synchronoss Technologies Inc., a Company headquartered in New Jersey and a leading player in synchronization technology products. Synchronoss had filed a suit against OnMobile Global Limited and two of its group entities, OnMobile USA LLC & Voxmobili S A, France, alleging infringement of patents by some synchronization products of Voxmobili SA and the matter was before the District Court of New Jersey. As per the terms of such settlement, Synchronoss has, inter alia, completely released OnMobile Global Limited and its aforesaid subsidiaries (together, “OnMobile”), from all claims fully, without any admission of misconduct by either party, and a joint motion has been filed with the Court seeking dismissal of such litigation. Synchronoss has received $ 3,000,000 as consideration from OnMobile pursuant to such settlement. OnMobile may have to pay to Synchronoss, an additional amount of $ 3,000,000, subject however to contingencies and conditions attached thereto, the occurrence of which cannot be estimated with reasonable certainty at this stage. OnMobile Global Limited believes that the closure of this litigation without any subsisting claims is in the best interests of the Company, given that such settlement would bring finality to the dispute and save further litigation costs." |
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