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06.27.2024

Dear Investor,

I want to bring you up to speed on some great news regarding our Clancy lawsuit.

Recall that MPS asserted three patents against Clancy. Clancy challenged the validity of the patents at the patent office by filing three reexamination requests. Clancy lost all three reexaminations. The patent office issued three reexamination certificates confirming the validity of MPS’s patents.  

After losing the reexaminations, Clancy’s counsel sought settlement discussions and represented that:

1)      Clancy had used the accused system at only five parking lots;

2)      Clancy has already removed the accused system from two of the five lots;

3)      Clancy plans to change the system at the remaining three lots.

Given the small number of lots (and revenue) at issue and Clancy’s stated intent to change its system, it did not make sense for the parties to continue  the 

litigation. The text of the joint dismissal that describes this understanding is provided below.  MPS retains the right to bring another suit if unsatisfied with 

Clancy’s changes.

If you have any questions about this, please call me on my cell . I will not answer any questions via text or email regarding this matter. Have a great weekend.

Hold on to your hat!!

Joe

text of the joint dismissal