Kodak and NEC have reached a licensing agreement that will grant each company access to the others' patent portfolio, Kodak announced Monday.

"We are pleased to have reached a mutually beneficial arrangement that advances the interests of Kodak and NEC," Laura G. Quatela, chief intellectual property officer and vice president for Kodak, said in a statement. "The cross-license agreement provides each company access to the other's technology, and validates the strength of Kodak's intellectual property."

Kodak said the agreement "is royalty bearing to Kodak." A Kodak spokesperson declined to comment further and NEC reps did not respond immediately to a request for comment.

On Tuesday, Kodak also announced a partnership with Burton Snowboards and revealed the Kodak Playsport Video Camera, Burton Edition. The co-branded camera is designed with an orange pixelated body to resemble the popular Burton Custom 154 Snowboard.

"Burton is a great brand for Kodak to align with to market and sell our Kodak Playsport Video Camera, a product designed for adventure, which Burton fans can certainly relate to," Phil Scott, vice president of marketing, digital capture, and devices at Kodak, said in a statement. "Whether jibbing or freestyling, the Kodak Playsport Video Camera, Burton Edition makes it fun and easy to capture and share your moments in full HD."

Kodak originally revealed the Playsport Video Camera last spring. The pocket-sized camera features full 1080p HD video as well as 5-megapixel capture capabilities. It's also has electronic image stabilization, LCD Glare Shield, and is waterproof up to 10 feet. A USB hub is also included for easy uploading to Facebook or YouTube.

Kodak said that it will offer the camera in a bundle that includes a camera holster, a remote control, a rechargeable battery, and a 4GB KODAK SDHC memory card. It will cost $199.95 and will be available on the Kodak and Burton Web sites starting in January.