Bel Announces Resolution of SynQor Lawsuit
JERSEY CITY, N.J. -- November 25, 2013
Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) announced today that its joint
petition for certiorari with the United States Supreme Court in the SynQor,
Inc. v. Artesyn Technologies, Inc., et al. lawsuit, originally brought in the
United States District Court, Eastern District of Texas in November 2007, has
been denied. Accordingly, Bel has paid to SynQor, Inc. previously awarded
damages plus interest, totaling $10.9 million. Of this amount, $8.1 million
was recorded by Bel as a litigation charge in its consolidated statement of
operations for the fourth quarter of 2010; $1.9 million is covered through an
indemnification agreement with one of Bel's customers; and $0.6 million was
recorded as an expense by the Company during the second quarter of 2011.
The lawsuit alleged that eleven defendants, including Bel, infringed SynQor's
patents covering certain power products. With respect to Bel, the plaintiff
claimed that the Company infringed its patents related to unregulated bus
converters and/or point-of-load (POL) converters used in intermediate bus
architecture power supply systems.
Bel (www.belfuse.com) and its divisions are primarily engaged in the design,
manufacture, and sale of products used in networking, telecommunications,
high-speed data transmission, commercial aerospace, military, transportation,
and consumer electronics. Products include magnetics (discrete components,
power transformers and MagJack^® connectors with integrated magnetics),
modules (DC-DC converters and AC-DC power supplies, integrated analog
front-end modules and custom designs), circuit protection (miniature, micro
and surface mount fuses) and interconnect devices (micro, circular and
filtered D-Sub connectors, fiber optic connectors, passive jacks, plugs and
high-speed cable assemblies).
Except for historical information contained in this press release, the matters
discussed in this press release are forward-looking statements that involve
risks and uncertainties. Actual results could differ materially from Bel's
projections. Among the factors that could cause actual results to differ
materially from such statements are: the market concerns facing our customers;
the continuing viability of sectors that rely on our products; the effects of
business and economic conditions; difficulties associated with integrating
recently acquired companies; capacity and supply constraints or difficulties;
product development, commercialization or technological difficulties; the
regulatory and trade environment; risks associated with foreign currencies;
uncertainties associated with legal proceedings; the market's acceptance of
the Company's new products and competitive responses to those new products;
and the risk factors detailed from time to time in the Company's SEC reports.
In light of the risks and uncertainties, there can be no assurance that any
forward-looking statement will in fact prove to be correct. We undertake no
obligation to update or revise any forward looking statements.
Neil Berkman Associates
Bel Fuse Inc.
President & CEO
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