Palo Alto, Calif. - HP today announced it has reached a settlement agreement with Hong Kong based Print-Rite Holdings Ltd. relating to HP 02 inkjet cartridges.

As part of the settlement, Print-Rite acknowledges that HP's patents are valid and in effect. In consideration of the parties' mutual respect for intellectual property, Print-Rite also has agreed to withdraw the products involved in the dispute from the United States and other countries having corresponding patent filings.

"We are pleased with this amicable settlement, which serves as a demonstration of our ongoing commitment to protecting HP's investments in intellectual property," said Stephen Nigro, senior vice president, Inkjet and Web Services Business, Imaging and Printing Group, HP.