March 20 (Reuters) - Photon Control Inc PHO.V
* Photon Control signs letter of intent to resolve litigation
* Signs letter of intent to resolve litigation
* Proposed settlement would remove significant "uncertainty and distraction" for Photon Control and its customers
* Settlement would more than halve existing royalty rates and term of disputed agreements
* Photon Control would acquire undisputed ownership of intellectual property and internalize R&D activities
* Under terms of settlement, R&D employees will be transferred to and hired by Photon Control
* Signed LOI which lays out terms of a proposed settlement to resolve legal actions commenced by co against Photon Control R&D Ltd Source text for Eikon: ID:nCNWY1Qwxa Further company coverage: PHO.V