BELLEVUE, Wash.--(BUSINESS WIRE)--Dennis Montgomery, Chief Scientist for Blxware LLC, an emerging software company owned by entrepreneur and CEO of The Yellowstone Club, Edra Blixseth, and eTreppid Technologies LLC, a Reno, Nevada-based software firm owned by Warren Trepp, today announced a confidential settlement of litigation regarding the ownership, commercial marketing and financial considerations for software technology that had been at the center of the dispute.
Specific terms of the settlement were not disclosed. The software product that has been the focus of litigation has breakthrough capabilities in digital compression with wide-ranging applications.
Though confidential, the portions of the settlement which can be revealed clearly assert that in exchange for various concessions and monetary considerations the disputed technology will now be relinquished to, and owned and controlled by, Blxware for commercial distribution and marketing, including the realization of revenues from those efforts. Also as part of the settlement, eTreppid will retain an economic interest in sales of the product for particular market segments. A portion of the settlement related to Mr. Trepp was compensation for certain allegations made against Mr. Trepp in print and electronic media.
Federal Judge Valerie Cooke of Nevada was instrumental in the process of reaching a settlement, according to executives from both companies.
“With Judge Cooke’s guidance, we’ve been able to put this protracted litigation behind us,” said Edra Blixseth. “We’re excited to be moving forward with our plans to market and further develop this innovative and valuable technology.”
eTreppid Technologies owner Warren Trepp said, “We are pleased with the settlement and wish Blxware future success in its efforts.”
Dennis Montgomery, Chief Scientist for Blxware and one of the architects of the breakthrough technology, remarked that the company is very enthusiastic about the future prospects for this emerging technology. “With this matter resolved, the media compression solution we provide can now reach its full value potential across a number of industry segments,” he said.
Nickolas Rhodes, Managing Director of Blxware LLC, said, “Our singular focus now is to direct the company’s energies on building the business and providing a range of applications to Blxware customers.”
About Blxware LLC
Blxware LLC is a well-funded startup company that brings innovative and transformational technologies in media and content compression to market. The company is developing a suite of computer vision and compression solutions that span a range of computing devices.