Proxim Settles WLAN Patent Lawsuit with Symbol

Proxim reached a settlement and cross-licensing agreement with Symbol Technologies. Under the deal, Proxim has agreed to pay Symbol $22.75 million over the next 2 1/2 years, or 10 quarters, commencing in the current quarter. Proxim also has agreed to pay Symbol a two percent (2%) 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. Finally, Proxim and Symbol have entered into a mutual covenant not to sue with respect to patent infringement covering networking products through September 2009. http://www.proxim.com