Proto Labs Reaches Settlement with ICO Products on Quoting Technology
April 11 2017 - 10:00AM
Business Wire
Digital manufacturing company Proto Labs, Inc. (NYSE: PRLB) and
ICO Products, an Ohio-based plastic injection molding manufacturer,
have reached an agreement to settle an ongoing patent infringement
dispute related to Proto Labs’ proprietary quoting technology.
As a result of this settlement, Proto Labs received monetary
compensation and an equity stake in ICO Products with a future
option to take a larger stake in the company. Concurrent with the
agreement, ICO Products enters into a license agreement with Proto
Labs granting ICO Products rights to continued use of certain
aspects of Proto Labs’ proprietary technology in its quoting
system.
Proto Labs founded its company in 1999 anchored by its automated
quoting software that analyzes 3D CAD models to determine real-time
pricing and provide interactive design for manufacturability
feedback in less than 24 hours.
About Proto LabsProto Labs is the world's fastest digital
manufacturing source for custom prototypes and low-volume
production parts. The technology-enabled company uses advanced 3D
printing, CNC machining and injection molding technologies to
produce parts within days. The result is an unprecedented
speed-to-market value for designers and engineers and an on-demand
resource throughout a product’s life cycle. Visit protolabs.com for
more information.
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version on businesswire.com: http://www.businesswire.com/news/home/20170411005204/en/
Proto LabsBill Dietrick, 763-479-7664Global Vice
President of Marketingbill.dietrick@protolabs.comorInvestor
RelationsJohn Way, 763-479-7726Chief Financial
Officerjohn.way@protolabs.com
Proto Labs (NYSE:PRLB)
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