Canadian Appeals Court Rules in Valence's Favor on Patent Infringement Lawsuit
Valence Technology, Inc. (NASDAQ: VLNC) 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.
