Green Mountain Coffee Announces $17 Million Settlement of Patent Litigation with Kraft

first_imgGreen Mountain Coffee Announces $17 Million Settlement of Patent Litigation with Kraft WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) announced October 23, 2008, that its wholly owned subsidiary, Keurig, Incorporated, has entered into a Settlement and License Agreement to completely settle its patent litigation with Kraft Foods Inc., Kraft Foods Global, Inc., and Tassimo Corporation (collectively “Kraft”). Pursuant to the terms of the Settlement and License Agreement, Kraft will pay to Keurig a lump sum of $17,000,000 and Keurig has granted to Kraft and its affiliates a limited, non-exclusive, perpetual, worldwide, fully paid up license of Keurig’s United States Patents Numbered 6,607,762 (the “762 Patent”) and 7,377,162 (the “162 Patent”), and United States and foreign counterpart patents connected to the 762 Patent or 162 Patent, for use in connection with the manufacture, distribution and sale of beverage brewing machines and certain beverage filter cartridges.As previously disclosed, Keurig’s patent family which covers its K-Cup(r) line of single serve beverage filter cartridges was not involved in the patent litigation.Mr. Michael J. Degnan, Vice President-General Counsel of Keurig, Incorporated, said, “The parties believe that the settlement is an efficient and pragmatic way to resolve their patent dispute. Both parties agree that it is in the best interests of their respective businesses and shareholders to avoid the cost and uncertainties of continued litigation.” Mr. Degnan continued, “Keurig plans to continue to invest in research and development and in the value of its intellectual property portfolio.”About Green Mountain Coffee Roasters, Inc. and Keurig, IncorporatedGreen Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) is recognized as a leader in the specialty coffee industry for its award-winning coffees, innovative brewing technology and socially and environmentally responsible business practices. GMCR manages its operations through two wholly owned business segments: Green Mountain Coffee and Keurig. Its Green Mountain Coffee division sells more than 100 high-quality coffee selections, including Fair Trade Certified(tm) organic coffees, under the Green Mountain Coffee(r) and Newman’s Own(r) Organics brands through its wholesale, direct mail and e-commerce operations (www.GreenMountainCoffee.com(link is external)). Green Mountain Coffee also produces its coffee as well as hot cocoa and tea in K-Cup(r) portion packs for Keurig(r) Single-Cup Brewers. Keurig, Incorporated is a pioneer and leading manufacturer of gourmet single-cup coffee brewing systems for offices, homes and hotel rooms. Keurig markets its patented brewers and K-Cup(r) portion packs through office distributors, retail and direct channels (www.Keurig.com(link is external)). K-Cup(r) portion packs are produced by a variety of licensed roasters including Green Mountain Coffee. Green Mountain Coffee Roasters, Inc. has been recognized repeatedly by CRO Magazine, Forbes and SustainableBusiness.com as a good corporate citizen and an innovative, high-growth company.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, the unknown impact of management changes, Keurig’s ability to continue to grow and build profits with its roaster partners in the office and at home markets, the impact of the loss of one or more major customers for Green Mountain Coffee or reduction in the volume of purchases by one or more major customers, delays in the timing of adding new locations with existing customers, Green Mountain Coffee’s level of success in continuing to attract new customers, variances from sales mix and growth rate, weather and special or unusual events, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.last_img read more

Clippers will need to get creative to lure Kevin Durant to Los Angeles

first_img Newsroom GuidelinesNews TipsContact UsReport an Error It means renouncing the rights to all of their free agents, losing “Bird rights” for Jeff Green, Jamal Crawford and Austin Rivers. It means renouncing the rights to first-round pick Brice Johnson and the $1.1 million salary cap hold that comes with his guaranteed roster spot. By doing that, the Clippers would only be paying Jordan, Paul and Griffin a combined $64 million. But, then you have to add Delfino, Jordan Farmar and Miroslav Raduljica’s cap numbers – the penalty the Clippers have to pay for waiving those players over the past two years.When the Clippers released those players, they “stretched” their salaries over multiple years, and this year, they owe the trio more than $1.4 million.If that was all, the Clippers could still tend a maximum offer to Durant.But, it’s not. In the NBA’s collective bargaining agreement, there’s a provision that prohibits teams from going below 12 players on their roster, including cap holds, in the offseason. It’s called an “incomplete roster charge,” and if the Clippers dealt and renounced everyone but the Big Three, they’d be assessed nine cap holds equal to a rookie’s minimum salary – which would add up to $4.9 million.Assuming the salary cap comes in at or near the projected $94 million, the Clippers, after all that addition, subtraction, division and multiplication, could offer Durant around $23.5 million – about $3 million less than his max salary – likely in a one-year deal with a player option to maximize Durant’s earnings.If the cap goes up even more before it becomes official, the Clippers could offer more – but so would the max number others could offer Durant. If Durant were to agree, the Clippers would have the best “Big Four” in the NBA and they would have an absent “Next Eight.” Their roster would need to be filled with minimum-salary players with a sole exclusion – a $2.9 million “room exception” the team could use.And, then there’s the problem of the 2017-18 salary cap (projected at $108 million for now), when the team would have to fit Paul, Griffin, Jordan and Durant under the new cap, which would again require some numerical gymnastics.It’s why the team continued to prioritize its own free agents. Prior to them hitting the market Thursday night, the Clippers already had contact with Green, Rivers, Luc Mbah a Moute, Cole Aldrich, Crawford and Wes Johnson, according to a source. Doc Rivers has publicly said he hopes to re-sign as many of them as possible.Crawford is set to meet with the Orlando Magic in the early hours of free agency, and the reigning Sixth Man of the Year won’t have a shortage of suitors.If the Clippers get Durant, they’ll have to figure the rest out. But if Durant picks another team, with most predicting a return to Oklahoma City, the Clippers’ sights will stay, largely, in house.And who knows, maybe Carlos Delfino will get a call. Without adequate salary cap space to just walk into the meeting with a suitcase full of owner Steve Ballmer’s cash, the Clippers need to be mathematically creative to land the biggest prize in free agency. One course of action the Clippers appear interested in trying to sell is the idea of a “Big Four” with Durant joining point guard Chris Paul, forward Blake Griffin and center DeAndre Jordan, and fitting Durant’s salary under the salary cap.According to a league source, the Clippers are prepared to send Ballmer, Coach Doc Rivers, new executive vice president of basketball operations Lawrence Frank and General Manager Dave Wohl to Friday’s meeting. Paul, Griffin and Jordan could also end up attending, putting the “Big Four” pitch in three dimensions.To pull this off, they’ll need to wipe every available dollar off of their ledgers. That means trading shooting guard J.J. Redick and his $7.4 million contract, small forward Paul Pierce and his $3.5 million deal and third-year guard C.J. Wilcox and his $1.2 million salary.center_img ORLANDO >> Remember Carlos Delfino’s time with the Clippers?He never played a game, never put on a uniform. It was a three-day tenure at the end of August in 2014, part of a salary-cap transaction, and because of those 72 hours, there are $650,000 less reasons for Kevin Durant to sign with the Clippers. It’s why the Clippers might need to bring a 10-key calculator and a green visor to their meeting with Durant on Friday in The Hamptons in New York. The Clippers will meet with Durant after he speaks with the Golden State Warriors.last_img read more