NEW YORK, May 30, 2006 (PRIMEZONE) -- Lazare Kaplan International Inc. (AMEX:LKI), announced today that it has initiated litigation against PhotoScribe Technologies, Inc. (PhotoScribe) in the U.S. District Court for the Southern District of New York asserting infringement of LKI's intellectual property rights with respect to laser inscription of diamonds. The complaint seeks injunctive relief as well as damages.
This litigation has potentially far reaching consequences as LKI's patent portfolio includes claims directed to the inscribed gemstone itself. The patents also have claims relating to methods of, and apparatus for, laser inscribing gemstones. LKI intends to seek damages and pursue remedies relating to the value added to the infringing gemstones in the retail marketplace. LKI anticipates that upon its success in this litigation, it will initiate other proceedings seeking seizure by the U.S. Customs Border Patrol Agency of infringing diamonds and other gemstones at their point of importation into the United States. LKI also is considering initiating action against gem-grading laboratories and other parties that may be infringing the LKI patent portfolio.
Leon Tempelsman, President of LKI, said, "This is a necessary step to protect the significant investments LKI has made as an innovator of laser inscription technology in the diamond industry, and specifically our investment in the development of a laser inscription patent portfolio. We intend to pursue vigorously all available legal remedies to protect that portfolio, and to seek out all parties, their clients, and their clients' gemstones, which infringe on LKI's patent rights. LKI has always believed in and stood for a diamond business based on trust, integrity and adherence to the law, and we expect these same ethical standards to be honored where our legal rights in intellectual property are concerned."
Lazare Kaplan International Inc. sells its diamonds and jewelry products through a worldwide distribution network. The Company is noted for its ideal cut diamonds, which it markets internationally under the brand name, Lazare Diamonds(r).
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include a softening of retailer or consumer acceptance of or demand for the Company's products, pricing pressures, adequate supply of rough diamonds and other competitive factors. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The information contained in this press release is accurate only as of the date issued. Investors should not assume that the statements made in these documents remain operative at a later time. Lazare Kaplan International Inc. undertakes no obligation to update any information contained in this news release.