MAPLE PLAIN, Minn.--(BUSINESS WIRE)--Apr. 11, 2017--
Digital manufacturing company Proto Labs, Inc. (NYSE: PRLB) and ICO
Products, an Ohio-based plastic injection molding manufacturer, have
reached an agreement to settle an ongoing patent infringement dispute
related to Proto Labs’ proprietary quoting technology.
As a result of this settlement, Proto Labs received monetary
compensation and an equity stake in ICO Products with a future option to
take a larger stake in the company. Concurrent with the agreement, ICO
Products enters into a license agreement with Proto Labs granting ICO
Products rights to continued use of certain aspects of Proto Labs’
proprietary technology in its quoting system.
Proto Labs founded its company in 1999 anchored by its automated quoting
software that analyzes 3D CAD models to determine real-time pricing and
provide interactive design for manufacturability feedback in less than
24 hours.
About Proto Labs
Proto Labs is the world's fastest digital
manufacturing source for custom prototypes and low-volume production
parts. The technology-enabled company uses advanced 3D printing, CNC
machining and injection molding technologies to produce parts within
days. The result is an unprecedented speed-to-market value for designers
and engineers and an on-demand resource throughout a product’s life
cycle. Visit protolabs.com for more information.
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Source: Proto Labs
Proto Labs
Bill Dietrick, 763-479-7664
Global Vice
President of Marketing
bill.dietrick@protolabs.com
or
Investor
Relations
John Way, 763-479-7726
Chief Financial Officer
john.way@protolabs.com