Licence and Patent Dispute
09 July 2009 - 10:19PM
UK Regulatory
TIDMOXN
RNS Number : 4147V
Oxonica plc
09 July 2009
9 July 2009
Oxonica plc
("Oxonica" or the "Company")
Fourth statement regarding Licence and Patent Dispute with Neuftec Limited
Oxonica, a leading international nanomaterials group, today issues the following
statement in connection with the licence and patent dispute between its wholly
owned subsidiary Oxonica Energy Limited ("Energy") and Neuftec Limited
("Neuftec"), a company registered in the Commonwealth of Dominica.
On 13 October 2008 Oxonica issued a statement that Energy had been granted
permission to appeal the decision of Deputy Judge Peter Prescott Q.C. in the
High Court concerning the interpretation of the licence agreement between Energy
and Neuftec and ordering the payment of royalties to Neuftec on sales of
Envirox(TM) up to the date of termination of the licence agreement.
Following a hearing in London on 23 June 2009, the Court of Appeal has today
upheld the judgment of Deputy Judge Peter Prescott Q.C. The judgment was given
by Lord Justice Jacob with Lady Justice Arden and Lord Justice May concurring.
The Order and costs will be dealt with at a later hearing. An initial amount of
GBP394,000 covering the royalties in dispute has already been placed in a joint
bank account of both parties' solicitors in October 2008.
An amount of GBP550,000 was provided for in addition to the GBP394,000 royalties
following the High Court hearing. Energy has increased this provision for costs
payable to Neuftec arising from this action to GBP800,000 following consultation
with the company's legal advisors. Oxonica had cash balances of GBP1.6 million
as at 7th July 2009.
The Directors of the company sought legal advice at every stage of the
proceedings and Energy was advised that it had the stronger case. Hence the
Directors are disappointed with the outcome of the appeal and are reviewing
their options.
For further information, please contact:
Oxonica plc 01865 856 700
Kevin Matthews, Chief Executive Officer
Richard Clarke, Chief Financial Officer
Panmure Gordon 020 7459 3600
Hugh Morgan
Andrew Potts
Notes to Editors
About Oxonica plc -
Oxonica (AIM: OXN.L) is a leading nanomaterials group with products already
launched into international markets. Oxonica's leading product is Envirox(TM)
Fuel Borne Catalyst - a nanocatalyst improving fuel economy and reducing
emissions. The Group has also developed Optisol(TM), a photostable UV protection
system designed to optimise the performance of quality sunscreens and
anti-premature ageing products, and generates licence and development revenue
from activities in the clinical diagnostics and security markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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