CARLSBAD, CA., December 14, 2007 – Callaway Golf Company (NYSE: ELY) and TaylorMade Golf Company jointly announced today that they have reached a settlement and patent license agreement. Under the terms of the agreement, each company will have specified rights to make products under patents owned by the other. Technologies at issue include high moment of inertia drivers, undercut irons and golf balls. The agreement resolves all pending litigation between the companies. Details of the settlement are confidential.
Mark King, President and Chief Executive Officer of TaylorMade Golf said: "We’re glad to resolve this matter and move forward. Agreeing to this settlement allows the focus to remain on creating high performance golf products for the consumer."
"We are very pleased that the parties were able to reach agreement while respecting the core technologies that set them apart from each other and from other golf companies," said George Fellows, President and Chief Executive Officer of Callaway Golf.
About Callaway Golf
Through an unwavering commitment to innovation, Callaway Golf Company creates products and services designed to make every golfer a better golfer. Callaway Golf Company, which celebrates its 25th Anniversary in 2007, manufactures and sells golf clubs and golf balls, and sells golf accessories, under the Callaway Golf®, Odyssey®, Top-Flite®, and Ben Hogan® brands. For more information please visit www.callawaygolf.com .
About Taylor Made Golf Company, Inc. dba TaylorMade-adidas Golf Company
TaylorMade Golf has led the golf industry’s technological evolution since being founded in 1979. TaylorMade metalwoods, irons and putters have been used to win hundreds of professional golf tournaments around the world. adidas Golf footwear and apparel is the choice of hundreds of professional golfers around the world. Consumers can find more information on TaylorMade-adidas Golf at (800) 888-CLUB or www.tmag.com , www.taylormadegolf.com , www.adidasgolf.com , www.maxfli.com or www.rossaputters.com .
Contact:
Mich̬le Szynal
Callaway Golf
(760) 804-4150
michele.szynal@callawaygolf.com
Scott Leightman
TaylorMade Golf
(760) 476-5748
scott.leightman@tmag.com
