Wilmington, Delaware – January 21, 2016 - TMM, Inc. (PINK SHEETS:TMMI) ("TMMI" or "the Company") is pleased to announce that, on the basis of recent developments, TMM, Inc. has decided to voluntarily dismiss its lawsuit against Dimension, Inc., Lawrence Panik, Digital Focus Media, Inc., Bruce Hoyt, Lyman Hurd and John Elton relating to its claims that they, among other things, improperly misappropriated and published certain TMM, Inc. trade secrets involving TMM, Inc.’s original fractal VDK digital compression technology.
In recent months, TMM, Inc. has completed development of a new digital compression technology that is unrelated to TMM, Inc.’s original, fractal VDK technology. TMM, Inc.’s new non-fractal compression technology includes a new proprietary algorithm that is incorporated in provisional patent applications filed by TMM, Inc. in 2015. In addition, TMM, Inc. has developed a new scaling technology which is also based on a new proprietary algorithm that is part of a number of other recent patent applications. In all, TMM, Inc. has filed five (5) patent applications involving its new technologies in the last nine months.
Such new compression technology of TMM, Inc., along with TMM, Inc.’s new scaling technology, has been demonstrated to several large corporations in a variety of industries and is currently the subject of multiple test licenses issued by TMM, Inc. to such companies. TMM, Inc.’s board and senior management believe the new TMM, Inc. technologies to be superior to any comparable technology on the market today. Management is confident that the software and integration testing currently in process by various companies will result in significant revenue producing licenses issued by TMM, Inc. in the near term.
“These new technologies have repeatedly demonstrated more efficient content processing and a better user experience across the board,” said Gerard V. Cavanaugh, TMM’s President. “They are based on direct feedback from high-volume users and will give us the traction to be a truly disruptive market force.”
As a result of such recent advances, TMM, Inc. believes that its resources are better spent on further developing, refining and integrating its superior new technologies rather than continuing to litigate over technology that is no longer in development by TMM, Inc.
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.
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.