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PRESS RELEASE: Lexar Media Expands Intellectual Property Portfolio With Acquisition of More Than 30 Additional Patents and Patent Applications
FREMONT, California, September 6, 2002 - Lexar Media, Inc. (Nasdaq: LEXR), a leading developer of flash mass storage systems and an innovator of high-performance digital media and accessories, today announced that it has acquired the flash-related intellectual property portfolio of MemQuest, Inc. and its wholly-owned subsidiary, MemQuest, Ltd., a developer of solid state storage media products based on flash memory controllers designed and manufactured by the company. The intellectual property portfolio includes 11 patents that have been granted or allowed and an additional 24 pending patents and patent applications.
"We are delighted to add these patents to our IP portfolio through this acquisition," said Eric Whitaker, vice president and general counsel, Lexar Media. "MemQuest has long worked in the flash memory controller arena, and these patents provide an excellent complement to our existing portfolio. In addition, MemQuest was located in the United Kingdom and has a particularly strong European portfolio which we expect will enhance our worldwide licensing program."
Other terms of the asset purchase were not disclosed.
About Lexar Media, Inc.
Lexar Media, Inc. (Nasdaq: LEXR) is a leading designer, marketer and licensor of award-winning removable flash-based digital storage media, card readers and ATA controller solutions for the digital photography, consumer electronics, industrial and communications markets. Lexar Media brands digital memory cards in the industry's most popular formats including CompactFlash, SmartMedia, Memory Stick, JumpDrive flash drive, MultiMediaCard and Secure Digital. A digital storage innovator, Lexar Media was the first to develop and advance proprietary read-write speed standards for its USB-enabled CompactFlash cards and holds over 40 memory and controller patents. Licensees of Lexar Media's technology include Olympus, SanDisk, Samsung Electronics and Sony. Headquartered in Fremont, California, Lexar Media also has offices in London and Tokyo. Lexar Media is a member of the Russell 2000 Index. For more information, please call 1-800-789-9418 or visit www.lexarmedia.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. These forward-looking statements include statements related to the benefits of and demand for Lexar Media's products and the growth opportunities available to Lexar Media. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. These risks include that if we are unable to adequately protect our intellectual property, our competitors may gain access to our technology, which could harm our ability to successfully compete in our market and we are involved in intellectual property litigation, and expect to become involved in additional litigation that could divert management's time and attention, be time-consuming and expensive to defend and limit our access to important technology. Readers should also refer to the risk factors described in Lexar Media's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for its fiscal year ended December 31, 2001, filed with the Commission on April 1, 2002. Lexar Media assumes no obligation to update the forward-looking information contained in this news release. Lexar Media, the Lexar Media logo and JumpDrive are trademarks of Lexar Media, Inc. Lexar Media, Inc. is an authorized licensee of the CompactFlash trademark. All other brand or product names are trademarks or registered trademarks of their respective holders.
(First posted on Friday, September 6, 2002 at 15:04 EDT)