RICHMOND, British Columbia (March 12, 2003)—SmarTire Systems Inc. has signed a settlement agreement with TRW Automotive that reinstates SmarTire's royalty-free access to TRW patents under a license agreement dated Aug. 31, 2001, the Richmond-based manufacturer of tire monitors said.
In the settlement, TRW and SmarTire agreed the license agreement is in good standing, subject to SmarTire paying an outstanding balance of $850,000 that it owes by June 1, SmarTire said. With the agreement, SmarTire has the right to use certain TRW patents in current and future tire monitoring systems for both original equipment manufacturers and automotive aftermarket applications.
“SmarTire has been aggressively pursuing opportunities in the OEM marketplace as a result of the TREAD Act,” said Erwin Bartz, director of technical operations at SmarTire. “The TRW patents complement SmarTire's strong portfolio of intellectual property.”