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BRIEF-Photon Control signs LOI to resolve litigation against Photon Control R&D Ltd

March 20 Photon Control Inc

* Photon Control signs letter of intent to resolve litigation

* Signs letter of intent to resolve litigation

* Proposed settlement would remove significant "uncertainty and distraction" for Photon Control and its customers

* Settlement would more than halve existing royalty rates and term of disputed agreements

* Photon Control would acquire undisputed ownership of intellectual property and internalize R&D activities

* Under terms of settlement, R&D employees will be transferred to and hired by Photon Control

* Signed LOI which lays out terms of a proposed settlement to resolve legal actions commenced by co against Photon Control R&D Ltd Source text for Eikon: Further company coverage:

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