Cree and Harvatek Settle Patent Dispute and Reach License Agreement

DURHAM, N.C--()--Cree, Inc. (Nasdaq: CREE), a leader in LED lighting, announced today that it has reached a confidential settlement in its patent infringement lawsuit with Harvatek Corp. Harvatek has agreed to a royalty bearing, worldwide license to the Cree patents-in-suit, thereby ending the lawsuit between the parties. Harvatek will pay Cree a license issue fee and ongoing royalties as part of the license agreement.

“Cree’s focus on innovation has led to sophisticated, energy efficient lighting products and a significant, broad-reaching, LED and LED lighting patent portfolio,” said Brad Kohn, vice president legal and general counsel for Cree. “Harvatek filed two meritless patent infringement countersuits in California. Both were quickly dismissed with prejudice and with no compensation paid by Cree. Cree’s original patent infringement lawsuit has now been settled, resulting in a license agreement that properly compensates Cree for the use of our IP.”

Cree has developed an extensive LED patent portfolio after many years of intensive R&D, with numerous patents still pending. Major LED manufacturers make use of Cree’s patented technology and have signed license agreements with Cree to secure these rights. Where the license has been publicly announced, Cree licensees are listed on http://www.cree.com/About-Cree/Licensing/Licensees.

About Cree, Inc.:

Cree is a market-leading innovator of lighting-class LEDs, lighting products and semiconductor products for power and radio frequency (RF) applications. Cree believes in better light experiences and is delivering new innovative LED technology that transforms the way people experience light through high-quality interior and exterior LED lighting solutions.

Cree’s product families include LED lighting systems and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree’s products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and inverters.

For additional product and Company information, please refer to www.cree.com.

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including uncertain demand for products using the licensed technology, and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 28, 2015, and subsequent filings.

Cree® is a registered trademark of Cree, Inc.

Contacts

Cree, Inc.
Claire Simmons, Corporate Communications
media@cree.com

Contacts

Cree, Inc.
Claire Simmons, Corporate Communications
media@cree.com