The long-simmering legal battle between i2corp and Caribbean Online ended quietly last week. The Solvang, Calif.-based i2corp announced on Thursday that it had reached a settlement with COL (drho.com) in the patent dispute.
"I am extremely satisfied with the final results of our infringement case against COL/Drho.com. We have received a significant upfront fee and a royalty on all future revenues. Drho.com (named after Asian gaming magnate Stanley Ho and now dubbed drho888.com) has validated the patent and is now a licensee,’’ said Mel Molnick, president of Home Gambling Network Inc., i2corp’s wholly owned subsidiary. Financial terms of the agreement were sealed.
i2corp said its patented system covers "all remote wagering on live games and events with electronic financial transactions." The company said it believes that its system "is poised to become the de facto standard for the remote wagering industry worldwide.’’
Molnick told GamingToday, "As I have stated many times before, we will go after any infringer of our patent, no matter where they are in the world and, as Dr. Ho and COL has found out, it would have been more economical to license our patent in the first place than to get prosecuted in the courts and have to pay all the associated costs, attorneys fees and damages.’’
Officials for i2corp said they look forward to working with Caribbean Online to develop "the many opportunities that this license represents for both companies."
COL executives could not be reached for comment.