RISMEDIA, June 11, 2008-TourFactory.com announced the settlement of patent infringement litigation with defendant JustSnooping.com, Inc. The companies entered into a joint license agreement and both parties stipulated to a dismissal of the entire suit.
“We are very happy to reach an amicable resolution.” said Herb Dierks, CEO of TourFactory. “The license agreement at the heart of our settlement constitutes a significant step in ensuring that our patent is respected among technology vendors in the real estate space.”
TourFactory and JustSnooping entered into an agreement by which TourFactory licensed technology TourFactory introduced to the market nearly a decade ago. Dierks said “Consistent with our licensing policy, we will continue our commitment to work with technology providers who wish to make legitimate and legal use of TourFactory’s patented virtual tour technology through pre-arranged licensing agreements. We will vigorously pursue any case of infringement or any contribution to the infringement of our patented and proprietary Intellectual Property.”
TourFactory is the recognized pioneer and innovation leader in the Virtual Property Touring marketplace. On January 1st, 2005, the U.S. Patent and Trademark Office approved the issuance of a patent for the company’s Property Touring Technology, the application for which was filed by TourFactory on October 21, 1999. A second patent has been allowed by the USPTO and is expected to issue soon.
For more information, visit www.tourfactory.com.