SmarTire Reaches Patent Infringement Settlement with Schrader

TPMS developer SmarTire Systems Inc has settled its previously pending patent infringement lawsuit against Schrader-Bridgeport International Inc. and Schrader Electronics Ltd. The terms of the August 21, 2008 settlement and license agreement between SmarTire and Schrader are confidential, reports SmarTire.

“We are very pleased with both the financial and non-financial aspects of this settlement and regard it as a positive conclusion to the action undertaken just over a year ago,” commented Dave Warkentin, president of SmarTire. “This should positively impact our business as we continue to vigorously defend our intellectual property rights.”