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The Industrial Calendar of Events The Industrial Classifieds (8-20-96) Have you subscribed to SOL Groove? |
Ride Sues Switch Over Raines Binding |
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| PRESTON, Wash., April 26 /PRNewswire/ -- RIDE, INC. (Nasdaq: RIDE)
announced today that its Preston Binding Company subsidiary, together with
Mark A. Raines and Gregory A. Deeney, has sued Switch Manufacturing Company
for patent infringement. The complaint filed in the lawsuit alleges that
Switch's Autolock step-in snowboard binding system infringes a patent held
by Raines and Deeney for the step-in binding system that they developed in
the late 1980s. Preston Binding Company is also a plaintiff in the suit because
Preston has signed an agreement with Raines and Deeney to acquire the patent.
"Greg Deeney and I devoted substantial money and energy to developing our step-in system and obtaining patent protection for it," said Mark Raines. "We want our binding to form the basis of a standard in the industry. We decided to partner with Ride because Ride was willing to structure a deal that would compensate us fairly if our design is successful. We are disappointed that Switch appears to be infringing our patent. Together with Preston Binding Company, we have commenced this lawsuit against Switch to protect our patent and recover profits that are rightfully ours." "When Mark and Greg approached Ride, we took a look at their patent and recognized that the patent has a good opportunity to form the basis for a universal step-in binding in the snowboarding industry," commented Tim Pogue, President of Ride. "We also wanted to make sure that Mark and Greg are well compensated if their design is ultimately successful, unlike so many other inventors who never benefited when their designs achieved public acceptance." |
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