Velocys wins injunction against CompactGTL

RNS Number : 3874T

Velocys PLC

03 October 2014

 



3^rd October 2014

Velocys plc

("Velocys" or "the Company")

 Velocys wins injunction against CompactGTL

Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that the UK High Court has ordered an immediate injunction restraining CompactGTL's infringing activities and payment of approx. £1.4 million to Velocys.

Following the UK High Court's ruling upholding the Velocys patents in suit and judging CompactGTL to be infringing them both (see RNS dated 22 Sepetmber 2014), the Court has now ordered an immediate injunction restraining CompactGTL from infringing the patents or enabling, procuring, or assisting any third party to infringe the patents. In addition to being used at its Wilton plant in the UK, CompactGTL confirmed to the Court that the same infringing technology was the subject of its activities with Petrobras (CompactGTL operated a demonstration plant at a Petrobras facility in Aracaju, Brazil).

The Court also ordered CompactGTL to pay approx. £1.4 million to Velocys for its legal costs to date. The case is continuing, with determination of damages to Velocys expected after receipt of additional disclosures from CompactGTL regarding its activities.

Velocys has a very substantial patent portfolio comprising more than 900 patents, covering a broad range of countries, which protects key inventions relevant to smaller scale GTL. The Company also holds a significant inventory of trade-secrets which it has gained through years of development and practice.

Equivalents of the two patents in this case have also been approved in numerous other jurisdictions around the world, including places where smaller scale GTL might be deployed, such as the United States and Canada, and countries where FT reactors and other associated equipment might be manufactured, such as Japan and South Korea.

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For further information, please contact:

Velocys Roy Lipski, CEO Susan Robertson, CFO	[phone] [phone]
Numis Securities (Nomad and Broker) Alex Ham - Corporate Broking Stuart Skinner / Jamie Lillywhite - Nominated Adviser	[phone]
Camarco (financial communications) Billy Clegg / Georgia Mann	[phone]
Lionsgate Communications (European PR) Jonathan Charles	[phone]
Pierpont Communications (North American PR) Krystal Hewitt	[phone]

Notes to editors

Velocys enables modular gas-to-liquids (GTL) plants to convert unconventional, remote and problem gas into valuable liquid fuels. Systems based on the Company's technology are significantly smaller than those using conventional technology, enabling modular plants that can be deployed cost effectively in remote locations and on smaller fields than is possible with competing systems. Together with world-class partners, Velocys provides complete modular GTL solutions that address an untapped market of up to 25 million barrels of fuel a day.

Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company has over 100 employees with facilities in Houston, Texas, USA and near Oxford, UK and Columbus, Ohio, USA.

www.velocys.com

 

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