Myriad Group announced that it reached settlement of a legal case with Openwave Systems and will receive a cash payment of %12 million in September.
As a result, the company’s cash position will increase to approximately $28 million ($16.4 million as of 30 June).
“The settlement of our legal action with Openwave Systems Inc., this week demonstrates our continued ability to successfully protect Myriad’s trading rights. This will significantly boost Myriad’s cash resources to fund future growth, as the business capitalizes on new market opportunities,” said Simon Wilkinson, Myriad CEO.
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