CARLSBAD, Calif. (December 14, 2007) – Callaway Golf Company and TaylorMade Golf Company jointly announced today that they have reached a settlement and patent license agreement. Under the terms of the agreement, each company will have specified rights to make products under patents owned by the other. Technologies at issue include high moment of inertia drivers, undercut irons and golf balls. The agreement resolves all pending litigation between the companies. Details of the settlement are confidential. Mark King, President and Chief Executive Officer of TaylorMade Golf said: "We're glad to resolve this matter and move forward. Agreeing to this settlement allows the focus to remain on creating high performance golf products for the consumer." "We are very pleased that the parties were able to reach agreement while respecting the core technologies that set them apart from each other and from other golf companies," said George Fellows, President and Chief Executive Officer of Callaway Golf.