We are pleased to have entered into this patent license agreement with GE. The agreement demonstrates our mutual respect for the breadth and strength of the other's patent portfolio and for intellectual property rights in general
Dublin, OH (PRWEB) March 11, 2011
LSP Technologies, Inc. announced today that it has signed a patent cross-license agreement with GE. The agreement provides each company with access to the other’s extensive portfolio of laser peening patents. Laser peening is a process in which a laser beam is pulsed upon a surface of a metal part, such as an engine fan blade or hip joint, producing a shockwave that travels through the part and induces deep and intense compressive residual stress in the metallic surface. The compressive residual stress increases the life expectancy of the part by preventing cracks arising from fatigue and corrosion.
“LSPT’s scientists and engineers were pioneers in the laser peening field, and we continue to innovate aggressively to this day. Our own laser peening patent portfolio, which includes well over fifty issued U.S. and foreign patents and numerous pending patent applications relating to laser peening and the related technologies of laser bond inspection and laser mine neutralization, reflects that fact,” said Dr. Jeff Dulaney, president and CEO of LSP Technologies, Inc.
“With this announcement, we are greatly expanding our portfolio of issued patents and pending patent applications by obtaining a license to GE’s entire laser peening patent portfolio, which also includes over fifty issued U.S. and foreign patents and numerous pending patent applications. We expect this cross-license to catalyze innovation within the laser peening field. Ultimately, our customers will be the big winners,” said Dulaney.
The license grant from GE to LSPT includes a license to process parts using the coveted “GEN 4” technology, a relatively low power, high throughput laser peening technology that will revolutionize the laser peening industry.
“We are pleased to have entered into this patent license agreement with GE. The agreement demonstrates our mutual respect for the breadth and strength of the other’s patent portfolio and for intellectual property rights in general,” said Dulaney.
Founded in 1995, LSPT is a leading provider of production laser peening services, laser bond inspection products and services, and laser mine neutralization products and services.
For more information, go to http://www.LSPTechnologies.com or contact David Lahrman at 614-718-3000 ext. 244.