WILMINGTON, Del., – March 7th, 2017 - TMM, Inc. (http://www.tmmi.us) (OTC PNK: TMMI) ("TMMI" or "the Company") is pleased to announce that the Company has received the ruling by Nevada’s Eighth Judicial District Court denying over $867,000 in legal fees sought by defendants Dimension, Inc. et al. Trial Judge Elizabeth Gonzalez further ruled that TMMI’s defenses against Dimension were non-frivolous.
TMMI initially brought suit against Dimension in 2013 for misappropriation of one iteration of TMMI’s original fractal-based code. As the original and leader in fractal video technology, TMMI engaged in this litigation to protect its shareholders and its assets.
The technical program in the dispute pertained to TMMI’s 1993 fractal based PVS/SGI compression technology. The PVS was specifically built to work with IBM’s main frame computers of that day and the SGI was designed to work with Silicon Graphics Incorporated 1993 work stations. TMMI no longer found the PVS/SGI technology to be commercially viable and voluntarily dismissed its lawsuit against Dimension in January 2016.
Subsequently, Dimension filed twelve counter claims. TMMI defeated ten of these claims on Summary Judgment, Dimension voluntarily dismissed one of their claims, and the last claim was resolved in a declaratory ruling in November, 2016 whereby Dimension would have rights to the PVS/SGI version of the 1993 program. TMMI has appealed that decision. After the mid-1990’s TMMI never again used the 1993 PVS/SGI version of the codec and has since developed its new state-of-the-art, proprietary technology.
In addition to denying all of defendant Dimension et al. request for legal fees, the court also reduced defendants’ claims for over $104,000 in court costs, granting them approximately $54,000 in costs, which TMMI is considering for appeal. “We are gratified that the court recognized the merits of TMMI’s position and ultimately ruled against the defendants in their attempt to extract exorbitant legal fees and unsupported costs from the company”, said Gerard V. Cavanagh, TMMI President, “TMMI is focusing its resources on the marketing and the further development of the company’s superior patent pending non-fractal technology.”
ON BEHALF OF THE TMMI BOARD OF DIRECTORS OF TMM, INC.:
GERARD V. CAVANAUGH
CHAIRMAN AND PRESIDENT
For more information, please visit the Company’s Website at http://www.tmmi.us.
About TMM, Inc.
TMM, Inc. (OTC PNK: TMMI) is a technology company headquartered in Wilmington, Delaware, specializing in digital video compression, video scaling and image management. Founded in 1990, the company is dedicated to improving bandwidth utilization and video image quality. TMMI develops digital video compression and scaling technologies that provide end-to-end workflow and distribution solutions for digital cinema; streaming media; cable TV; sports; mobile; intelligence, surveillance and reconnaissance; defense; security; medical imaging; space exploration; video game applications; training and distance learning.
The information in this release contains forward-looking statements which involve risks and uncertainties, including statements regarding the Company's capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as "may," "should," "will," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "forecast," "project," or "continue," the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results. Any or all of the Company's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions, risks and uncertainties and other factors which could cause actual events or results to be materially different from those expressed or implied in the forward-looking statements. Factors may cause the Company's actual results to differ materially from any forward-looking statement. In addition, new factors emerge from time to time and it is not possible for the Company to predict all factors that may cause actual results to differ materially from those contained in any forward- looking statements. The Company disclaims any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this document, except as required by applicable law.