Nexxus (NEXS), Philips (PHG) Enter Settlement, Patent License Agreement

Nexxus Lighting, Inc. (Nasdaq: NEXS) announced a settlement agreement ending the pending patent litigation brought by Royal Philips Electronics (NYSE: PHG), a world leader in LED lighting technology.

In connection with the settlement and patent license agreement:

• Philips will grant Nexxus Lighting an ongoing, royalty-bearing license to the comprehensive portfolio of patented LED technologies and solutions offered under Philips' LED luminaire and retrofit bulb licensing program. The license allows Nexxus to continue the manufacture and sale of LED-based lighting products, including the Array® brand of LED replacement light bulbs.
  
  
• Nexxus will also pay Philips a one-time, lump-sum royalty fee to address past sales.
  
  
• Both parties will dismiss the lawsuit Philips initiated and presently pending in Massachusetts federal court.

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