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InsWeb and Autobytel Announce Settlement of Multi-Party Patent Litigation
Friday, April 24, 2009
Irvine, CA & Sacramento, CA -- InsWeb Corporation (Nasdaq: INSW) and Autobytel Inc. (Nasdaq: ABTL) today announced that, along with Internet Brands, Inc. and Leadpoint, Inc., they have entered into a settlement agreement resolving Autobytel's lawsuit filed against InsWeb, Leadpoint and Internet Brands in the U.S. District Court in the Eastern District of Texas, Marshall Division, relating to Autobytel's U.S. Patent Number 6,282,517 for lead technology.
The settlement agreement also resolves a patent claim filed by InsWeb, Internet Brands and Leadpoint against Autobytel in the U.S. District Court in the Southern District of California related to InsWeb's U.S. Patent No. 6,898,597 for lead management technology.
Under the settlement agreement terms, Autobytel and InsWeb have agreed to grant to the other a non-exclusive perpetual license to their respective patents, as well as long-term covenants not to sue any of the parties for infringement of current or future patents and mutual releases. InsWeb and Autobytel have also entered into an agreement where Autobytel will receive specific auto insurance editorial content, data and interactive tools from InsWeb. The content and tools will contain links to one of InsWeb's insurance websites, and Autobytel and InsWeb will share the revenue associated with consumer activity generated by the links.
"We value our long-standing relationship with InsWeb -- who pioneered an online, consumer-friendly insurance process for automotive consumers -- and we are very pleased to have reached this agreement," said Jeffrey Coats, President and CEO of Autobytel Inc. "As Autobytel continues to work to improve the online process for automotive consumers, we look forward to adding InsWeb's leading insurance content and easy-to-use tools to the expanding array of top-notch content from the industry's premier providers on our network of sites."
"We are very glad to have reached a settlement in this litigation and to restore our working relationship," said Hussein Enan, CEO of InsWeb. "Autobytel is a leader in the online automotive industry and we are excited to add them to our growing list of content syndication partners."
About InsWeb
InsWeb Corporation (Nasdaq: INSW) owns and operates a network of leading insurance marketplace and education websites. Founded in 1995 and headquartered in Sacramento, California, InsWeb's primary properties include InsWeb.com, where visitors can view independent research and quickly obtain actionable insurance quotes from multiple carriers; AgentInsider.com, a top-rated online marketing source for insurance agents; and FreeInsuranceAdvice.com, the leading online destination for insurance information and advice. In 2008, more than 10 million consumers turned to InsWeb for answers to their insurance questions. To learn more about InsWeb Corporation, visit www.InsWeb.com.
About Autobytel Inc.
Autobytel Inc. ("Autobytel" or the "Company") is an automotive marketing services company that assists automotive dealers and manufacturers sell cars. By connecting consumers to automotive dealers and manufacturers through internet lead referral programs and on-line advertising, the Company provides automotive dealers and manufacturers with opportunities to efficiently market their vehicles to potential customers. The Company purchases from third party sites and generates from its owned websites consumer internet requests for pricing and availability for new and used vehicles as well as for vehicle financing (these consumer internet requests are referred to as "Leads"). The Company sells the Leads primarily to its automotive dealer and manufacturer customers. Leads are purchased from a network of supplier websites, such as Edmunds.com, AOL, Kelley Blue Book and Yahoo!. The Company owns consumer-facing automotive websites, including Autobytel.com®, Autoweb.com®, AutoSite.com®, Car.com(SM), CarSmart.com®, CarTV.com®, and MyRide.com®, that provide consumers with information and tools to aid them with their automotive purchase decisions. In addition to advertising opportunities on its owned websites, the Company provides advertising opportunities for automotive manufacturers and other automotive advertisers through the Company's marketing network, which includes the automotive sections of third party co-branded websites operated by the Company, such as ESPN.com and the Company's AutoReach advertising network.
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