Canadian Appeals Court Rules in Valence’s Favor on Patent Infringement Lawsuit
18 August 2011 - 10:31PM
Business Wire
Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based
global manufacturer of advanced energy storage solutions,
prevailed in the appeal of a patent infringement lawsuit regarding
the Company’s carbothermal reduction technology.
The Canadian lawsuit was filed against Phostech Lithium, Inc. on
January 31, 2007. Valence received a favorable judgment by the
Trial Court this past February which was subsequently appealed by
Phostech. Canada’s Federal Court of Appeal heard the appeal the
week of June 6, 2011 and yesterday ruled in Valence’s favor,
dismissing the appeal with costs. The Federal Court of Appeal
affirmed the lower court’s finding of Phostech’s infringement of
Valence’s carbothermal reduction Canadian patent, number 2,395,115
and found Valence’s Patents 2,395,115 and 2,466,366 valid. The
injunction ordered by the trial court is reinstated, which bars
Phostech from making, using and selling cathode materials made by
Valence’s patented process. Valence is entitled to reasonable
compensation and costs for the trial and subsequent appeal, as well
as an election of either an accounting of profits or damages. The
determination of damages and costs will be dealt with in a separate
Court proceeding.
“We are very pleased the Canada Federal Court of Appeal agreed
with Justice Johanne Gauthier’s February ruling. Our lithium
phosphate technology delivers the superior performance, safety and
cycle life today’s commercial applications demand. Furthermore, as
our global patent estate grows, we will continue to vigorously
protect our worldwide intellectual property,” stated Valence
president and chief executive officer Robert L. Kanode.
About Valence Technology, Inc.
Valence Technology is a global leader in the development and
manufacture of safe, long-life lithium iron magnesium phosphate
advanced energy storage solutions and integrated command and
control logic. Headquartered in Austin, Texas, Valence enables and
powers some of the world’s most innovative and environmentally
friendly applications, ranging from commercial electric vehicles to
industrial and marine equipment. Valence Technology today offers a
proven technology and manufacturing infrastructure that delivers
ISO-certified products and processes that are protected by an
extensive global patent portfolio. In addition to the corporate
headquarters in Texas, Valence Technology has its Research &
Development Center in Nevada, its Europe/Asia Pacific Sales office
in Northern Ireland and global fulfillment centers in North America
and Europe. Valence Technology is traded on the NASDAQ Capital
Market under the ticker symbol “VLNC.” For more information,
visit www.valence.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including our statements regarding delivering the superior
performance, safety and cycle life today’s commercial applications
demand and continuing to develop and protect our worldwide patent
estate. Actual results may vary substantially from these
forward-looking statements as a result of a variety of factors
including the outcome of any future litigation regarding our
intellectual property, our ability to effectively protect our
intellectual property rights in Canada and other countries, our
ability to further develop our intellectual property rights
including our patent portfolio and the actual performance
characteristics of our products. In addition, patents are
geographically territorial and a decision on Canadian patents
generally affects the acts of making, using, selling and importing
products utilizing such technology in Canada. Other risk factors
that could affect our actual results are discussed in our periodic
reports filed with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended March
31, 2011, and our Quarterly Reports on Form 10-Q, and the reader is
directed to these statements for a further discussion of important
factors that could cause actual results to differ materially from
those in the forward-looking statements.
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