Canon, e.Digital Announce License, Settlement Agreement (CAJ)

E.Digital Corporation has entered into a license and settlement agreement with Canon Inc. and Canon U.S.A.(NYSE:CAJ)

Under the terms of the confidential agreement, Canon obtained a license and release on the company's Flash-R patent portfolio and paid e.Digital a one time licensing fee.

"The combination of small size and ease of use makes the DR-C125 document scanner the ideal choice for our customers looking for general purpose distributed scanning solutions," said Jim Rosetta, vice president and general manager, Imaging Systems Group, Canon U.S.A. "From financial offices to healthcare facilities, legal offices to government agencies, Canon's imageFORMULA technology is facilitating the simple and reliable distribution of information across their businesses."

Canon (NYSE:CAJ) has a potential upside of 21.2% based on a current price of $47.29 and an average consensus analyst price target of $57.32.

Canon should find initial support at its 200-day moving average (MA) of $47.28 and further support at its 50-day MA of $47.09.

In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has remained constant.

CANON INC. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.