Nanoco Commences Patent Infringement Lawsuit

RNS Number : 1361D

Nanoco Group PLC

17 February 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE                                                                             17 February 2020

Nanoco Group PLC

("Nanoco, the "Group", or the "Company")

Nanoco commences patent infringement lawsuit against Samsung and is seeking damages and other equitable relief.

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, today announces that it has filed a patent infringement lawsuit against certain defendants in the United States District Court for the Eastern District of Texas. The lawsuit claims infringement of Nanoco's U.S. Patent No.'s: US7,588,828; US7,803,423; US7,867,557; US8,524,365; US9,680,068.  These patents relate to Nanoco's unique synthesis and resin capabilities for quantum dots.

Named as defendants in the lawsuit are: (i) Samsung Electronics Co. Ltd; (ii) Samsung Display Co. Ltd; (iii), Samsung Advanced Institute of Technology; (iv) Samsung Electronics Co. Ltd, Visual Display; and (v) Samsung Electronics America all of which are involved in the production or sale of components and fully assembled units for the display market, specifically televisions utilising quantum dots to significantly enhance the viewing experience of the user.

In the lawsuit, Nanoco alleges that each of the defendants has wilfully infringed the Company's patents and seeks a permanent injunction from further acts of infringement and significant monetary damages.

Nanoco has retained Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., an international IP law firm based in Boston, Massachusetts, USA, to represent it in patent enforcement and litigation. Ward, Smith & Hill, PLLC, an IP law firm based in Longview, Texas, USA, has been retained to act as local counsel.

The Company is continuing to review its strategic options including, but not limited to, a potential sale of the Company through a formal sale process as announced on 5 November and will make a further announcement in due course.  The Company's expectations for cash on hand remain in line with prior communications.

Dr Christopher Richards, Nanoco's Chairman, commented:

"As a UK based business specialising in the design, scale up and manufacture of novel nano-materials, it is critical that we take steps to protect our platform technology and the IP that underpins it.  Historically the Group worked collaboratively with Samsung on developing enhanced quantum dots based on our unique and patented CFQD ® Quantum Dot technology and associated IP.  We were therefore naturally disappointed when Samsung ended the collaboration and launched its QD based televisions without entering into either a licensing or supply agreement with Nanoco.

Whilst the lawsuit has been filed, Nanoco continues to remain open to finding a mutually acceptable commercial solution.  Nanoco's action is appropriate to take at this time in the best interest of the Company and its shareholders, to defend one of our core assets.  The Board believes that the lawsuit and possible options for monetisation of the Group's IP are a testament to the quality of Nanoco's technology and underlying IP."

- Ends -

Enquiries:

Nanoco Group PLC Michael Edelman, Chief Executive Officer Brian Tenner, Chief Financial Officer Caroline Watson, Investor Relations Manager		[phone]
Peel Hunt (Corporate Broker to Nanoco) Edward Knight Nick Prowting MHP Communications Reg Hoare Giles Robinson Peter Lambie		[phone] [phone] [e-mail]

In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement will, subject to certain restrictions relating to persons resident in restricted jurisdictions, be available at www.nanocotechnologies.com/investor-relations/.  The person responsible for arranging for the release of this announcement on behalf of Nanoco is Brian Tenner, Chief Financial Officer.  For the avoidance of doubt, the content of the website referred to above is not incorporated into and does not form part of this announcement.

This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made.  Any offer (if made) will be made solely by certain offer documentation, which will contain the full terms and conditions of any offer (if made), including details of how such offer may be accepted.  This announcement has been prepared in accordance with English law and the Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom.  The release, distribution or publication of this announcement in jurisdictions outside of the United Kingdom may be restricted by laws of the relevant jurisdictions, and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.  Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

MAR

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

FORWARD LOOKING STATEMENTS

This announcement (including information incorporated by reference in this announcement), oral statements made regarding the formal sale process, and other information published by Nanoco may contain statements about Nanoco that are or may be deemed to be forward looking statements.  Such statements are prospective in nature.  All statements other than historical statements of facts may be forward looking statements.  Without limitation, statements containing the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or "considers" or other similar words may be forward looking statements.

Forward looking statements inherently contain risks and uncertainties as they relate to events or circumstances in the future.  Important factors such as business or economic cycles, the terms and conditions of Nanoco's financing arrangements, tax rates, or increased competition may cause Nanoco's actual financial results, performance or achievements to differ materially from any forward looking statements.  Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof.  Nanoco disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.

Notes for editors:

About Nanoco Group plc

Nanoco (LSE: NANO) harnesses the power of nano-materials. Nano-materials are materials with dimensions typically in the range 1 - 100 nm. Nano-materials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nano-material that have size-dependent optical and electronic properties. The Group produces quantum dots. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Display and Electronics markets. One of the interesting properties of quantum dots is photoluminescence: the emission of longer wavelength light upon excitation by light of a shorter wavelength. The colour of light emitted depends on the particle size. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals, and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of applications including displays, lighting and biological imaging.

Nanoco has non-exclusive manufacturing and marketing licensing agreements in display with The Dow Chemical Company, Merck KGaA of Germany and Wah Hong Industrial Corporation of Taiwan.

Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine, as well as through acquisition.

Nanoco is listed on the Main Market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocogroup.com.

 

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