Callaway Golf and Perfect Putter Company Resolve Putter Dispute with Acquisition of Patents
BUSINESS WIRE
Posted 2005-01-11
Callaway Golf
Company (NYSE:ELY) and the founders of Perfect Putter Company
announced that Callaway Golf(R) will be purchasing four U.S. patents
from Perfect Putter, thereby resolving a legal dispute pending between
the parties. The patents relate to certain putter designs, including a
unique method of orienting the shaft in relation to the putter head.
The lawsuit, which will now be dismissed by the parties with no
admission of any wrongdoing, was filed in November 2002 by Perfect
Putter and its owners.
The lawsuit had alleged that Callaway Golf had failed to complete
the acquisition of Perfect Putter based upon discussions that occurred
in 1997. Although the existence of an earlier agreement was disputed,
the suit provided an opportunity for the parties to discuss Callaway
Golf's continuing interest in the putter patents. Ultimately the
parties were able to agree on a purchase of the putter patents by
Callaway Golf, clearing the way for further agreement on the dismissal
of the entire lawsuit. Although the terms are confidential, all
parties are satisfied with the resolution.
When first filed in November 2002, the lawsuit had also claimed
that Callaway Golf had misappropriated Perfect Putter's trade secrets
and incorporated them into new products, including the best selling
Odyssey(R) White Hot(R) 2-Ball Putter. That claim was voluntarily
dismissed by plaintiffs in October 2004 when discovery demonstrated
that Callaway Golf did not use any information from Perfect Putter.
In a joint statement, the parties said: "We are pleased that
Callaway Golf has completed the acquisition of the Perfect Putter
designs. Whether these patents will assist in the development of new
products remains to be seen, but the potential opportunity for use of
these rights should be greater now that they are owned by the market
leader in putters."
Callaway Golf Company makes and sells Big Bertha(R) Metal Woods,
Irons and Hybrids including Heavenwood(R) Hybrids, ERC(R) Fusion(R)
Drivers and Fairway Woods, Great Big Bertha II 415 Titanium Drivers,
Big Bertha Titanium 454 Drivers and Big Bertha Stainless Steel Fairway
Woods, Big Bertha Heavenwood(R) Hybrids, Big Bertha Stainless Steel
Irons, X-18(TM) and X-18 Pro Series Irons, the Game Enjoyment
System(TM) of GES(TM) Golf Clubs, Callaway Golf Forged+ Wedges, and
Callaway Golf Tour Blue(TM) Putters. Callaway Golf Company also makes
and sells Odyssey(R) Putters, including White Steel(R), White Hot(R),
TriHot(R), DFX(R), Dual Force(R) and 2-Ball Putters. Callaway Golf
Company makes and sells the Callaway Golf(R) HX(R) Tour Balls, HX Blue
and HX Red Balls, HX Hot Balls, Big Bertha(TM) Blue and Big Bertha Red
Balls, and the Warbird(TM) Balls. Callaway Golf also owns and operates
The Top-Flite Golf Company, a wholly owned subsidiary that includes
the Top-Flite(R), Strata(R) and Ben Hogan(R) brands and Bettinardi
Putters. For more information about Callaway Golf Company, please
visit our websites at www.callawaygolf.com, www.topflite.com and
www.odysseygolf.com.
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