3/19/2002 - Simplex Solutions, Inc. (Nasdaq: SPLX), a leading provider of software and services for the design and verification of integrated circuits (ICs), and Sequence Design, Inc., the SoC Design Closure Company(SM), today announced they have signed a binding memorandum of understanding (MoU) pertaining to the patent infringement suit brought by Sequence against Simplex in August, 2001. The terms of the MoU are confidential; however, they involve an exchange of certain specified intellectual property rights and other financial considerations. Simplex management stated that the terms are not material to the financial results of Simplex. As a result of the MoU, the U.S. District Court in Oakland, Calif. has issued a conditional order of dismissal. The suit is therefore dismissed contingent upon both parties finalizing a settlement agreement and abiding by the terms of that agreement.
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