21st Dec 2015 11:22
LONDON (Alliance News) - Velocys PLC said Monday that it has settled a patent infringement case it filed in the UK in 2014 with CompactGTL Ltd, under which CompactGTL will make an undisclosed one-off payment to Velocys.
In 2014 the UK High Court upheld two Velocys patents in the litigation and found some CompactGTL activities to be infringing on both patents, and awarded an injunction.
As a result of the settlement a pending appeal by CompactGTL and an enquiry by the UK High Court into damages will be discontinued.
"We are pleased that this outstanding legal position has been resolved as we continue our focus on the commercial roll-out of our technology," said Chief Financial Officer and acting Chief Executive Susan Robertson in a statement.
Shares in Velocys were up 6.8% at 42.70 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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