UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 3, 2003
LASER TECHNOLOGY, INC
(Exact name of Registrant as specified in charter)
DELAWARE 1-11642 84-0970494
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7070 SOUTH TUCSON WAY, ENGLEWOOD, COLORADO 80112
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 649-1000
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FORM 8-K
Item 5. Other Events
Laser Technology, Inc. has reached settlement agreements with Asia Optical Co.,
Inc. and Nikon, Inc., which would resolve Laser Technology's patent infringement
lawsuit against Asia Optical and Nikon. The settlement agreement with Asia
Optical includes a one-time cash payment of $2.4 million, which will be subject
to corporate income taxes, and an ongoing royalty license agreement, the
specific terms of which are confidential. Laser Technology entered into a mutual
release with Nikon based upon the settlement with Asia Optical. Management
estimates that the costs and expenses associated with the litigation through
this fiscal 2003 will be approximately $770,000. All other litigation costs have
been expensed in prior years.
Background information previously disclosed
On February 8, 2000, Laser Technology filed a complaint against Nikon in U.S.
District Court for the District of Colorado (Civ. No. 00-B-272), alleging that
Nikon's sale of the Nikon Laser 800 series of laser rangefinders willfully
infringes a Laser Technology patent relating to low-cost, consumer laser
rangefinders. The complaint was later amended to add manufacturer Asia Optical
Co, as a defendant, and to add two additional patents obtained by Laser
Technology.
On April 17, 2003, we issued a press release announcing that a jury ruled in
favor of Laser Technology in its patent infringement lawsuit against Nikon and
Asia Optical. The verdict included an initial damage award by the jury of $1.205
million and a finding of willfulness against Asia Optical as to the three
patents in suit and against Nikon, as to one.
Cautionary Statements Regarding Forward-looking Statements
Forward-looking statements in this report are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Readers are
advised that actual results may differ substantially from such forward-looking
statements. Forward-looking statements involve risks and uncertainties including
but not limited to, continued acceptance of our products in the marketplace,
competitive factors, potential changes in the budgets of federal and state
agencies, compliance with current and possible future FDA or environmental
regulations, and other risks detailed in our periodic report filings with the
SEC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 3, 2003 LASER TECHNOLOGY, INC.
By: /S/ ERIC A. MILLER
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Eric A. Miller
Chief Executive Officer, President
and Director
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