SmarTire reinstates and extends TRW license

March 12, 2003 — SmarTire Systems Inc., a Richmond, British Columbia, developer of tire pressure monitoring systems, has signed an extension and settlement agreement with TRW Automotive, a Livonia, Mich., auto supplier, SmarTire announced in a news release. The agreement reinstates SmarTire’s royalty free access to TRW patents related to tire pressure monitoring systems.

The agreement gives SmarTire access to the patents for current and future tire monitoring systems as long as it pays off the $850,000 outstanding balance of an existing agreement by June 1.

Susan Mader, SmarTire’s corporate communications manager, said that when SmarTire and TRW renegotiated payment schedules for the patent rights last August it had created ambiguity about the license. The new agreement, she said, makes it clear that SmarTire has the rights to the patents granted in its original agreement with TRW dating back to 2001.

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