#29 Sim Wong Hoo
Net Worth: $155 million
Sim is the CEO and Chairman of Singapore based Creative Technology. The company is known for its sound blaster and its highly acclaimed ZEN line of MP3 players.
Archive for August, 2006
#29 Sim Wong Hoo
In a twist of events, Apple and Creative has finally decided to settle their differences out of court with Apple agreeing to pay Creative USD$100 million to use its ZEN patented interface. Apple has also dropped its 5 other lawsuits against Creative which accuses it of infringing its own patents.
“Creative is very fortunate to have been granted this early patent,” said Steve Jobs, Apple’s CEO. “This settlement resolves all of our differences with Creative, including the five lawsuits currently pending between the companies, and removes the uncertainty and distraction of prolonged litigation.”
In addition, Apple also grant Creative the license to produce accessory products for the iPod. Creative will be announcing its line of products (which I heard includes an iPod Traveldock) later this year.
“We’re very pleased to have reached an amicable settlement with Apple and to have opened up significant new opportunities for Creative,” said Sim Wong Hoo, chairman and CEO of Creative. “Apple has built a huge ecosystem for its iPod and with our upcoming participation in the ‘Made for iPod’ program we are very excited about this new market opportunity for our speaker systems, our just-introduced line of earphones and headphones, and our future family of X- Fi audio enhancement products. We expect that the one-time licensing payment of $100 million will contribute approximately $.85 of earnings per share to our current quarter, ending September 30, 2006.”
This is great because business lawsuits – as Ms Peter would tell you – are extremely expensive and could drag on for years. So now not only would Creative save on the millions that they would have to fork out for the lawsuit, they are getting an additional USD$100 million (something they really need before they bleed to death). Although it seems a tad bit weird that now Creative will be producing iPod accessories …
Anyways, appearing on headlines for a good reason = good publicity
CNN: Apple to pay $100M to Creative in settlement
BBC: Apple in $100m patent settlement
CNBC: Apple to pay $100 mln to Creative in settlement
Reuters: Apple to pay $100 milion to Creative in settlement
Bloomberg: Creative Shares Surge on $100 Million Apple Payment
CNA: Apple Computer to pay Creative US$100m to settle patent dispute
Engadget: Apple and Creative settle, Apple forks out $100m
Creative Technology today introduced the new Creative DiVi CAM 516, a stylish mini digital camcorder offering video recording in the latest MPEG-4 format and video playback on TV in addition to practical functions such as a 5.1 Megapixel digital camera, MP3 player, voice recorder and webcam – all at an affordable price of S$249.00.
Shop online: http://sg.store.creative.com/
Or visit The Creative Stores @ Jurong HQ, Marina Square & Plaza Singapura. Offers valid from 7 till 13 August 2006.
Find Your Music a Mate
Be bold, be brave, and show everyone who you are! The all new ZEN Neeon 2 gives you infinite freedom to confidently express your individuality. Personalize your player with exciting new Stik-On™ themes, and a matching backplate color.
Key Features of the Creative ZEN Neeon 2:
-Slim & Compact – measures just 81mm x 42mm x 12.5mm,
-Weighs only 50g (with battery),
-1.5″ colour display to view both photos and videos, FM radio,
-Built in microphone for voice recording,
-20 hours of continuous audio playback / 8 hours of video playback,
-Direct line-in recording, record directly from CD/DVD/TV
-Easy drag-and-drop of music files between PC and player,
-No additional software installation is needed
–5 unique brushed-metal backplate colours to cater to every mood.
1GB – S$199 / 2GB – S$269 / 4GB – S$309