Business
March 22, 2013
March 22, 2013.
About this update from Tmm, Inc.
[{"type":"text","content":"\n \n \n \n\n\nTMM, INC. ANNOUNCES THE\nFILING OF A LAWSUIT TO PROTECT ITS INTELLECTUAL PROPERTY\n\n \n\nWilmington,\nDelaware – March 21, 2013 - TMM, Inc. (TMMI-PK) (“TMMI”) or (the “Company”) announces\nthat TMMI and its subsidiary, Digital Focus, Inc. (“DFI”), have filed a lawsuit\nin the Eighth Judicial District Court, Clark County, Nevada, against Lawrence\nF. Panik; Dimension, Inc.; Digital Focus Media, Inc.; Bruce Hoyt; Jeffrey R.\nPhillips; Lyman P. Hurd; John Elton; and other parties to be later named,\nseeking the return of its intellectual property, declaratory and equitable\nrelief jointly and severally against the named defendants, and damages,\nincluding punitive and exemplary damages. \n\n\nThe lawsuit\nconcerns TMMI’s fractal video compression technology and defendants’\nmisappropriation of that technology. In\nMarch 1993, TMMI paid for an exclusive, perpetual, non-transferrable world-wide\nlicense to fractal video compression source code (VDK 1.0-1.9) from Iterated\nSystems, Inc. (“ISI”). Such license was\nfor ISI’s software based on ISI’s fractal video compression technology\nreflecting ISI’s more than two dozen issued patents involving the technology.\n\nIn March 2000,\nDFI and ISI entered into a license agreement by which DFI was granted an exclusive\nlicense to use and develop the PVS/SGI (VDK 2.0) source code. Such fully-paid license was exclusive to DFI in\naccordance with its terms. DFI was\nacquired by TMMI pursuant to a stock exchange transaction dated June 8,\n2012. \n\nThe Complaint\nalleges that some of the defendants stole an early version of the fractal video\ncompression technology from a protected computer in or about 2002. TMMI and DFI are seeking equitable relief\nagainst the named defendants to enjoin any further development and/or enhancement\nby any of them of the stolen source code and the return of the source code\ntogether with any derivatives and copies thereof. \n\nThe Causes of\nAction asserted against the named defendants include Conversion, Defamation of\nTitle, Misappropriation of Trade Secrets, Intentional Interference with\nContract, and Unfair Competition.\n\nTMMI has\nsuccessfully resolved litigation against other parties to protect and preserve...