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Daily News

Royal Appliance and Matsushita in Cross-License Agreement
Dec 12, 2002
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Royal Appliance Mfg. Co. announced an agreement with the Matsushita Home Appliance Company (Panasonic) with respect to certain patents and related intellectual property rights. Panasonic has received a license to continue to manufacture and market bagless upright vacuum cleaner products similar to its Quick Clean Upright Cleaner, under the Royal bagless upright patent portfolio. Royal received a license to continue to manufacture and market vacuum cleaners under patents for certain
Panasonic technology. The parties are pleased that the negotiated agreement was reached without resorting to litigation. The agreement will result in ongoing positive cash payments to Royal beginning in the fourth quarter of 2002.

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